Launch of The Sustainable Development Goals Report 2024

Release Date:

On June 28, the United Nations released the "Sustainable Development Goals Report 2024" (the "Report"), which shows that only 17% of the Sustainable Development Goals are currently on track, nearly half of the goals are progressing slowly or moderately, and over one-third of the goals are stagnating or regressing.

The "Report" highlights in the Climate Action chapter that 2023 was the hottest year on record, with global temperature increases nearing the critical threshold of 1.5°C. All countries must urgently accelerate economy-wide low-carbon transitions, drastically reducing global greenhouse gas emissions by 2030 and achieving net zero emissions by 2050. However, current conditions indicate that the likelihood of limiting warming to 1.5°C is only 14%, underscoring the urgent need to significantly accelerate emissions reductions within this decade.

Abstract of "The Report":

🔸Highest-ever greenhouse gas emissions reveal a global failure to meet climate goals

In 2022, global greenhouse gas emissions reached a new record of 57.4 gigatons of CO2 equivalent, according to the United Nations Environment Programme’s Emissions Gap Report 2023.

Keeping warming to 1.5°C calls for a 42 per cent reduction in greenhouse gas emissions by 2030, requiring an 8.7 per cent annual decline. For a 2°C limit, a 28 per cent drop by 2030 is necessary or a 5.3 per cent annual decrease.

There is currently only a 14 per cent chance of limiting warming to 1.5°C, underscoring the urgency of immediate, accelerated action to significantly cut emissions this decade.

🔸Another broken record – 2023 was the warmest year yet

The World Meteorological Organization (WMO) confirmed that 2023 was the hottest year on record, with global average temperatures soaring to approximately 1.45°C above pre-industrial levels.

As of June 2024, a WMO climate update underscored an 80 per cent likelihood of at least one year temporarily exceeding 1.5°C from 2024 to 2028. In 2015, the probability for such a temperature spike was near zero. The global mean near-surface temperature for each year from 2024 to 2028 is predicted to be 1.1°C to 1.9°C higher than the 1850–1900 baseline. At least one of the next five years will likely surpass 2023 as the warmest on record.

🔸Reaching the $100 billion climate finance goal is a milestone yet trillions are needed for national action plans

Climate finance is crucial in backing global mitigation and adaptation efforts. Developed countries committed to mobilize $100 billion annually in climate finance for developing countries by 2020 and through 2025. The Organisation for Economic Co-operation and Development (OECD) reports that the commitment was met for the first time in 2022.

Negotiations are under way to establish a new climate finance goal from 2025 onwards, starting from a floor of $100 billion annually, and taking into account developing countries’ needs and priorities. The United Nations Framework Convention on Climate Change (UNFCCC) estimates that nearly $6 trillion is needed for developing countries’ climate action plans by 2030, underscoring the need to massively scale up finance.

Original link