The world is falling dangerously hitting the targets needed to secure a safe future climate, according to new analysis by PwC.
The Big 4 firm’s latest Net Zero Economy Index shows that a year-on-year decarbonisation rate of 17.2% (up from 15.2% last year) is now required to limit global warming to 1.5°C above pre-industrial levels – seven times greater than what was achieved over the past year (2.5%) and 12 times faster than the global average (1.4%) over the past two decades.
PwC said: “While this figure is stark, our analysis also reveals that last year saw a surge in renewable energy adoption, demonstrating the growing potential for an accelerated and market-led transition. This development, alongside the COP28 Presidency’s action plan for renewable energy capacity to triple by 2030 and net zero action rising up boardroom agendas, is galvanising the momentum required to scale decarbonisation efforts.
“The results are an urgent reminder that we must act to meet ambitious net zero targets. This year can be the one that finally unlocks the true power of business, the capital markets and competition to spur breakthrough innovation, accelerated emission reductions and mass behavioural change. But it needs diplomacy and policy to align – both between and within countries – to deliver clarity for private investment to scale.
It added: “There is hope, but we risk doing too little, too late. We no longer question whether urgent transition to the net zero economy is necessary, but this might be our last year to answer whether we will act fast enough.”
Meanwhile, more than half (54%) of UK consumers say that they would stop buying from a company if they were found to have been misleading in their sustainability claims, new research from KPMG has found.
KPMG surveyed over 2,000 adults on their thoughts around green and sustainable products and technologies, to understand how they influence decisions and whether misleading practices – such as greenwashing – were having an impact. The findings highlight that greenwashing is widely recognised by consumers, with almost half (45%) stating they had heard of the term, with words such as ‘fake’, ‘lying’, ‘exaggerating’, ‘dubious’ and ‘misleading’ all commonly being used unprompted to explain what the term means.
“There is hope, but we risk doing too little, too late. We no longer question whether urgent transition to the net zero economy is necessary, but this might be our last year to answer whether we will act fast enough.”
PwC
