The world needs to cut energy-related carbon intensity five times faster to hit the 1.5°C Paris Agreement target.
That’s according to PwC’s Net Zero Economy Index which estimates that reduction could translate into a decarbonisation rate of 12.9% per year.
The report which tracks energy-related CO2 emissions worldwide and estimates the rate of global decarbonisation needed to deliver a 1.5°C aligned net zero world by 2050 also suggests that there is no country in the G20 was able to achieve the 12.9% rate of decarbonisation required to limit warming.
Last year, the UK achieved a 6.5% rate of decarbonisation, PwC says.
The analysis also shows that in 2020, due to the impact of Covid-19 restrictions, energy demand dropped 4.3%.
That led to a reduction in energy-related emissions of 5.6% compared to 2019 levels.
Kiran Sura, Assistant Director in the Sustainability and Climate Change at PwC UK, said: “The UK has pledged a world-leading target to cut emissions by 78% by 2035 and it will need to employ every lever at its disposal to make good on this commitment.”