Article
Bloomberg
An Action Plan for Solving Our Climate Crisis Now
1.0
Electrify Transportation
→
Reduce 8 gigatons of transportation emissions to 2 gigatons by 2050.
1.1
Price
→
Achieve price parity between EVs and gas-powered vehicles in the U.S. by 2024, in India and China by 2030.
Updated April 2024
Insufficient Progress
$54,288 (average EV) vs. $47,209 (average full-size car) in the U.S.
Source: Kelley Blue Book, 2023
1.4
Trucks
→
Increase sales of zero-emissions medium and heavy trucks to 30% of all new truck sales by 2030; 95% by 2045.
Updated April 2024
Failing
Electric share of global truck sales was 2% in 2023
(BEVs, FCVs, and PHEVs)
Source: BloombergNEF, 2023
1.5
Miles
↓ 5 Gt
→
Increase miles driven by electric vehicles (two- and three-wheelers, cars, buses, and trucks) to 50% of the global total by 2040, 95% by 2050.
Updated April 2024
Insufficient Progress
EV global share of miles driven across road vehicles in 2022: 10.4%
(BEVs, FCVs, and PHEVs)
Source: BloombergNEF, 2023
1.6
Planes
↓ 0.3 Gt
→
Increase low-carbon fuel (SAF) to 20% of all aviation fuel by 2025; zero-emissions fuel to 40% by 2040.
Updated April 2024
1.7
Maritime
↓ 0.6 Gt
→
Shift all new construction to “zero-ready” ships by 2030; zero out emissions for the shipping industry by 2050.
Updated April 2024
2.0
Decarbonize the Grid
→
Reduce 24 gigatons of global electricity and heating emissions to 3 gigatons by 2050.
2.1
Zero Emissions
↓ 16.5 Gt
→
Tap emissions-free sources to generate 50% of electricity worldwide by 2025, 90% by 2035.
Updated April 2024
Insufficient Progress
39% of electricity came from emissions free sources in 2022
Source: Energy Institute, 2023
2.2
Solar & Wind
→
Make solar and wind cheaper than fossil fuels in all countries by 2025.
Updated April 2024
On Track
59% of the world’s population lives in nations where renewable sources are cheaper than fossil fuels
Source: BloombergNEF, 2024
2.3
Storage
→
Electricity storage drops below $50 per kWh for short duration (4–24 hours) by 2025, $10 per kWh for long duration (14–30 days) by 2030.
Updated April 2024
Failing
Short-term storage: $263/kWh
Long-term storage: New technologies needed
Source: BloombergNEF, 2023
2.4
Coal & Gas
→
Eliminate new coal and gas plants from 2024 on; retire or zero out emissions in existing plants by 2025 for coal and by 2035 for gas.*
Updated April 2024
Code Red
Now in operation globally: 6,580 coal-fired plants and 9,278 gas and oil plants
Source: Global Energy Monitor, 2024
As of 2023, separate figures for oil and gas plants are not available.
2.5
Methane Emissions
↓ 3 Gt
→
Reduce flaring and eliminate leaks and venting from coal, oil, and gas sites by 2025.
Updated April 2024
Code Red
Methane emissions from the energy sector were 3 gigatons in 2023
Source: International Energy Agency, 2023
2.6
Heating & Cooking
↓ 1.5 Gt
→
Cut fossil fuels for heating and cooking in half by 2040.*
Updated April 2024
Failing
In 2021, building heating generated 2.5 Gt of emissions and over 7 billion people used fossil fuels for cooking
Source: International Energy Agency and World Health Organization, 2023
Failing
Global average: $241 of GDP per Exajoule of Fossil Fuel Consumption
Source: Statistical Review of World Energy and World Bank, 2022 and 2023
3.0
Fix Food
→
Reduce 9 gigatons of agricultural emissions to 2 gigatons by 2050.
3.1
Farm Soils
↓ 2 Gt
→
Improve soil health by increasing carbon content in topsoils to a minimum of 3% by 2035.
Updated April 2024
Limited Data
Limited Data
3.2
Fertilizers
↓ 0.5 Gt
→
Stop overuse of nitrogen-based fertilizers and develop cleaner alternatives to cut emissions in half by 2050.
Updated April 2024
Failing
The world uses 65.5 kilograms per hectare of nitrogen-based fertilizers
Source: Food and Agriculture Organization and Our World in Data, 2023
3.3
Cows
↓ 3 Gt
→
Cut emissions from beef and dairy consumption by 25% by 2030, 50% by 2050.
Updated April 2024
Code Red
3.3 gigatons of emissions from beef and dairy in 2021
Source: Food and Agriculture Organization, 2023
3.4
Rice
↓ 0.5 Gt
→
Reduce methane and nitrous oxide from rice farming by 50% by 2050.
Updated April 2024
4.0
Protect Nature
→
Go from 6 gigatons of emissions to -1 gigatons by 2050.
4.1
Forests
↓ 6 Gt
→
Achieve net zero deforestation by 2030; end logging and other destructive practices in primary forests.
Updated April 2024
5.0
Clean Up Industry
→
Reduce 12 gigatons of industrial emissions to 4 gigatons by 2050.
5.1
Steel
↓ 3 Gt
→
Reduce emissions from steel production 50% by 2030, 90% by 2040.
Updated April 2024
5.2
Cement
↓ 2 Gt
→
Reduce emissions from cement production 25% by 2030, 90% by 2040.
Updated April 2024
Code Red
0.6 metric tons of CO2 per metric ton of cement produced
Source: International Energy Agency, 2023
5.3
Other Industries
↓ 3 Gt
→
Reduce emissions from other industrial sources (primarily plastics, chemicals, paper, aluminum, glass, and apparel) 60% by 2050.
Updated April 2024
6.0
Remove Carbon
→
Remove 10 gigatons of carbon dioxide per year from the atmosphere.
6.1
Nature-Based Removal
↓ 5 Gt
→
Remove at least 3 gigatons per year by 2030 and 5 gigatons by 2040.
Updated April 2024
6.2
Engineered Removal
↓ 5 Gt
→
Remove at least 1 gigaton per year by 2030 and 5 gigatons by 2050.
Updated April 2024
Insufficient Progress
China: net zero by 2060
U.S.: net zero by 2050
EU: net zero by 2050
India: net zero by 2070
Russia: net zero by 2060
Source: United Nations Climate Change, 2023
Code Red
2030 trajectory:
China: 4°C
US: 3°C
EU: 2°C
India: 4°C
Russia: 4°C
Source: Climate Action Tracker, 2023
7.3
Carbon Price
→
National prices on greenhouse gases are set at a minimum of $75 per ton, rising 5% annually.
Updated April 2024
Insufficient Progress
Global average price: $33 per ton
23% of global emissions are covered by a carbon pricing mechanism
Source: World Bank Carbon Pricing Dashboard, 2023
Code Red
$1.3 trillion in explicit fossil fuel subsidies globally
Source: International Monetary Fund, 2023
7.5
Methane
→
Control flaring, prohibit venting, and mandate prompt capping of methane leaks.
Updated April 2024
Code Red
Countries representing 50% of global methane emissions have signed the global methane pledge
Source: Global Methane Pledge, 2024
On Track
All five major emitters have ratified the Kigali amendment
Source: United Nations Ozone Secretariat, 2024
8.2
Government
→
A majority of key government officials support the drive to net zero.
Updated April 2024
Limited Data
Limited Data
8.3
Business
→
100% of Fortune Global 500 companies commit to reach net zero by 2050.
Updated April 2024
Failing
9.2% of Fortune Global 500 Companies have a net zero commitment
Source: Speed & Scale, 2024
Data is pulled from Fortune Global 500 websites to track emissions targets and transparency reports of each corporation
8.4
Education Equity
→
The world achieves universal primary and secondary education by 2040.
Updated April 2024
8.5
Health Equity
→
The world eliminates gaps in pollution-linked mortality rates among racial and socioeconomic groups by 2040.
Updated April 2024
Failing
2.3 years (global average loss of life due to air pollution)
Source: Air Quality Life Index (AQLI), 2023
8.6
Economic Equity
→
The global clean energy transition creates 65 million fairly distributed new jobs by 2040, outpacing the loss of fossil fuel jobs.
Updated April 2024
Insufficient Progress
13.7 million people employed directly and indirectly
Source: International Renewable Energy Agency, 2023
9.1
Batteries
→
10,000 GWh of batteries are produced annually at less than $80 per kWh by 2035.
Updated April 2024
9.2
Electricity
→
The cost of zero-emissions baseload power is lowered to $0.02 per kWh by 2030.
Updated April 2024
On Track
$0.03 per kWh for utility-scale onshore wind
$0.05 per kWh for utility-scale solar PV
Source: International Renewable Energy Agency, 2023
9.3
Green Hydrogen
→
Cost of producing hydrogen from zero-emissions sources drops to $2 per kg by 2030, $1 per kg by 2040.
Updated April 2024
9.4
Carbon Removal
→
Cost of engineered carbon dioxide removal falls to $100 per ton by 2030, $50 per ton by 2040.
Updated April 2024
9.5
Carbon-Neutral Fuels
→
Cost of synthetic fuel drops to $2.50 per gallon for jet fuel and $3.50 for gasoline by 2035.
Updated April 2024
Failing
Jet Fuel: $2.94 (Traditional) vs. $7.35 (Sustainable)
Vehicle Fuel: $4.02 (Diesel) vs. $4.76 (Biodiesel)
Source: International Air Transport Association, BloombergNEF, and Alternative Fuels Data Center, 2023
Diesel and Biodiesel are U.S. prices
10.1
Financial Incentives
→
Global government support and incentives for clean energy expand to $600 billion per year.
Updated April 2024
Limited Data
Limited Data
10.2
Government R&D
→
Public investment in sustainability research and development increases to $120 billion per year.
Updated April 2024
Insufficient Progress
Low carbon R&D globally: $23 billion
Source: International Energy Agency, 2023
10.3
Venture Capital
→
Private investment into cleantech startups totals $50 billion per year.
Updated April 2024
10.4
Project Financing
→
Clean energy project financing rises to $1 trillion per year.
Updated April 2024
On Track
Clean energy financing is at an all-time high, hitting $743 billion
Source: BloombergNEF, 2024
10.5
Philanthropy
→
Philanthropic dollars for tackling emissions grow to $30 billion per year.
Updated April 2024
Insufficient Progress
Less than 2% (between $8 billion and $13 billion) of philanthropic giving is dedicated to climate change mitigation
Source: Climate Works Foundation, 2023