EARTH INDEX reveals which G20 countries and sectors are leading and lagging in the race to net-zero
New analysis from Corporate Knights shows where members of the G20 are falling short of their stated commitments to reduce greenhouse gas emissions
TORONTO, April 22, 2022 /CNW/ - A new analysis from Corporate Knights shows that members of the G20 are falling short of their stated commitments to reduce greenhouse gas emissions. Technology, however, is not the primary impediment. Rather, there is an urgent need for global collaboration. To prevent the 3°C catastrophe, the latest Intergovernmental Panel on Climate Change report has warned that what we're headed toward requires that we accelerate the transition to zero-emission technologies. It is a tough but doable challenge that will require leadership and collaboration from the G20 to quickly scale up investments in energy efficiency, vehicle electrification, heat pumps and other successfully demonstrated technologies for cutting emissions. In 2019, G20 countries emitted about 75% of the world's total emissions, with per capita emissions in high-income countries at two to four times the G20 average. The leaders of these countries have acknowledged their responsibility and have committed their countries to emission reduction targets that, if reached, would go a long way toward avoiding the catastrophic consequences of business-as-usual. Corporate Knights holds them to account by comparing actual emissions with their stated commitments.
They said they will. The question is, are they?
Based on stated emission reduction targets from G20 countries, 2030 should see approximately 35% lower emissions than 2019. This number was arrived at by looking at existing commitments made by G20 countries. Currently, they are not on track to deliver, and in some cases, emissions have increased.
We know this thanks to EARTH INDEX, a new fundamental metric devised by Corporate Knights that measures the "say–do" gap, meaning the speed at which countries (by sector) are reducing greenhouse gas emissions relative to the speed required to deliver on their emission reduction commitments. In essence, EARTH INDEX identifies which G20 countries and sectors are leading and lagging in the race to net-zero. The challenge no longer lies in convincing world leaders of the need to address climate change. It lies in holding them accountable to their own commitments.
"EARTH INDEX responds to a need for increased transparency, accountability and trust by delivering up-to-date data that is recalibrated annually to track actual emissions progress in G20 countries," says Ralph Torrie, director of research at Corporate Knights. "It is not so much a question of whether the targets are adequate, but whether we are getting results from the policies and strategies we have been pursuing."
At first, the findings may appear bleak. In 2019, emissions increased in six sectors analyzed by EARTH INDEX: agriculture, buildings, fossil fuels, industry, transport and waste. It's true that the EARTH INDEX findings highlight a grim reality. But they also identify where progress is being made, making it clear that with the right mix of creative and disruptive solutions, significant decarbonization and a future hovering at 2°C is still possible. Emissions in the power sector, for example, are beginning to plummet. In fact, decarbonization in this sector was the greatest source of G20 emission reductions in 2019. Furthermore, there is progress occurring in almost every sector. This means that with at least one country deploying effective solutions in any given sector, there are solutions that can be replicated elsewhere.
Herein lies both a beacon of hope and a strategic path forward. But first, governments around the world must close the "say–do" gap.
Starting May 4th, Corporate Knights will host three informative and galvanizing virtual roundtables reviewing EARTH INDEX results and encouraging an open exchange of solutions.
Learn more about EARTH INDEX or register for upcoming events.
SOURCE Corporate Knights Inc.
Corporate Knights, [email protected], 403.478.4543
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