December 4, 2022

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Still off track to 1.5 degree maximum warming, but new UN report also sees hope for a quick turnaround

Still off track to 1.5 degree maximum warming, but new UN report also sees hope for a quick turnaround

To accelerate the transformation, all industry players and Transport sector Avoid investing in new infrastructure powered by fossil fuels, says UN. Many techniques are already available, but they need to be applied more quickly. “There is a need for further developments in shipping, aviation and heavy industry,” said report co-author Michael Dean Elzen.

also in food production There is still much to be achieved: Our food systems are responsible for a third of greenhouse gas emissions. This could be reduced by two-thirds if we eat less meat, protect ecosystems better, improve production methods and modify the entire transport chain in a way that (almost) no more fossil fuels are used.

To achieve this transformation on a large scale, investments are needed, and a lot. The United Nations estimates it is at least $4,000 to $6,000 billion a year. However, this is only one-fiftieth of the global financial reserves managed by banks, the report says. Banks have to do a lot in order to transition. All financial system It will have to be fixed for that. The report suggests that banks should stop investing in fossil fuels and focus more on renewable money.

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