IPCC issues sobering assertions about the consequences of inadequate action by countries transitioning from fossil fuels

During August, the IPCC (Intergovernmental Panel on Climate Change), an international body of scientists convened by the United Nations (UN), issued its latest report on climate change (its sixth since 1988), drawing on the work of hundreds of experts and peer-reviewed studies. The report’s assertions about the consequences of inadequate global action (by countries transitioning to clean energy from fossil fuels) are extremely sobering and was emphasised by the UN secretary general, António Guterres who described the report as “a code red for humanity”.

Putting the shocking headlines aside and acknowledging some are yet to make up their mind, we believe the report carries considerable weight and will be the catalyst for a continued strengthening of government policy support for clean energy. Policy has already come a long way quickly – we note that c.70% of global GDP has committed to ‘net zero’ 2050 emissions targets with a portion of these passing the commitment into law (countries accounting for c.15% of the world’s greenhouse gas emissions have legislated greenhouse gas reduction targets).

Ms. Katherine Lake, a member of T8 Energy Vision’s advisory board (with key expertise in sustainability and government policy), commented “while most countries are already acting to meet nationally determined targets, the IPCC’s latest report and the upcoming COP 26 UN Climate Change Conference in Glasgow in November will significantly increase pressure on all countries to ramp up their emission reduction commitments. Strengthening government leadership and targets will improve the efficiency of capital allocation to clean energy technology and solutions, thereby adding lubrication and a tailwind to the mass adoption underway”.