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

1.2
Cars

Increase EV sales to 50% of all new car sales by 2030, 95% by 2040.

Updated April 2024
On Track

EV share of car sales was 17.7% in 2023

(BEVs and PHEVs)

Source: BloombergNEF, 2024

1.3
Buses

Electrify all new buses by 2025.

Updated April 2024
Insufficient Progress

43% of new bus purchases were electric in 2023

Source: BloombergNEF, 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
Failing

0.4% of fuel use is low carbon (SAF)

Source: BloombergNEF, 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
Failing

Zero percent of new ships are carbon-neutral

Source: Global Martime Forum, 2023

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 June 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

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

2.7
Cleaner Economy

Triple the ratio of GDP to fossil fuel consumption.

Updated April 2024
Failing

Global average: $241 of GDP per Exajoule of Fossil Fuel Consumption

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 May 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

3.4
Rice ↓ 0.5 Gt

Reduce methane and nitrous oxide from rice farming by 50% by 2050.

Updated April 2024
Failing

1.1 gigaton of CO2e resulting from rice production

Source: Our World in Data, 2024

3.5
Food Waste ↓ 1 Gt

Cut food waste to 10% by 2050.

Updated April 2024
Failing

38% of food in the US is wasted

Source: ReFed, 2022

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
Code Red

17.6 million hectares of permanent tree cover loss

Source: Global Forest Watch, 2022

4.2
Oceans ↓ 1 Gt

Protect 30% of oceans by 2030, 50% by 2050.

Updated April 2024
Failing

8.2% of coastal oceans are protected

Source: Protected Planet, 2024

4.3
Lands

Expand protected lands to 30% by 2030, 50% by 2050.

Updated April 2024
Failing

16% of global lands are protected

Source: Protected Planet, 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
Code Red

1.9 metric tons of CO2 per metric ton of crude steel cast

Source: WorldSteel, 2023

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

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
Code Red

5 gigatons emitted from other industries

Source: Climate TRACE, 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
Code Red

0.02 gigatons of nature-based carbon removal being tracked

Source: Climate Focus, 2024

6.2
Engineered Removal ↓ 5 Gt

Remove at least 1 gigaton per year by 2030 and 5 gigatons by 2050.

Updated April 2024
Code Red

Currently, 0.0002 gigatons are being removed annually

Source: CDR.fyi, 2024

7.1
Net Zero Pledges

Each country commits to reach net zero 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

7.2
Action Plans

Each country is on track to cut emissions in half by 2030.

Updated April 2024
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

 

7.4
Subsidies

Direct subsidies to fossil fuel companies are eliminated.

Updated April 2024
Code Red

$1.3 trillion in explicit fossil fuel subsidies globally

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

7.6
Refrigerants

Countries commit to phasing out hydrofluorocarbons (HFCs).

Updated April 2024
On Track

All five major emitters have ratified the Kigali amendment

8.1
Voters

The climate crisis becomes a top-three issue.

Updated April 2024
Failing

Climate’s rank as top issue: seventh globally

Source: Ipsos, 2023

 

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 of each corporation

8.4
Education Equity

The world achieves universal primary and secondary education by 2040.

Updated April 2024
Failing

77% of students complete lower secondary school

Source: World Bank, 2023

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

9.1
Batteries

10,000 GWh of batteries are produced annually at less than $80 per kWh by 2035.

Updated April 2024
On Track

Production: 2,592 per GWh

Price: $139 per kWh 

Source: BloombergNEF, 2023

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

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
Failing

$2-$12 per kg, not currently produced at scale

Source: BloombergNEF, 2023

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
Code Red

Average of $715 per ton of carbon removed, not at scale

Source: CDR.fyi, 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

10.3
Venture Capital

Private investment into cleantech startups totals $50 billion per year.

Updated April 2024
Achieved

$51 billion invested in climate tech startups

Source: BloombergNEF, 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

ResourceSeptember 21, 2023

The Power of Convening: Climate Week NYC 

For the past 14 years, in concert with the UN General Assembly, climate leaders have gathered in New York in September to showcase initiatives and paths toward the energy transition. It’s an opportunity for world leaders to work with representatives from businesses, foundations, and NGOs as they coalesce around climate goals. 

As we look back at NYC Climate Week 2023, we think it’s worth asking: What does the conference actually deliver? Is there demonstrated impact from bringing together policymakers, activists, and the media to confront global climate challenges? 

With the power of hindsight, Speed & Scale looked into three moments from Climate Weeks’ past to evaluate progress to date:

Some efforts are truly impactful

On the first day of Climate Week 2014, a non-profit global initiative called RE100 was launched with the goal of bringing together companies and businesses committed to 100% green energy. Since 2014, an initiative that began with a few dozen companies has grown to 418 members, ranging from tech leaders at Meta and Apple to retail giants Nike and American Eagle. 

Nine years ago, these companies generated just 22 percent of their energy from renewable sources. Today, that number is up to 45 percent — with 61 of the companies sourcing their electricity from 100 percent renewable sources. 

The initiative is advancing at an impressive scale. Altogether, the 418 participants use as much energy as the United Kingdom. The group is also working with governments and local partners to accelerate adoption of clean energy, remove barriers, and improve the policy landscape. RE100, conceived and launched at Climate Week, demonstrates the conference’s potential for (clean) power. 

Big projects bring big benefits, but require time

At Climate Week 2021, Gov. Kathy Hochul and Mayor Bill de Blasio announced two significant green energy infrastructure projects to power New York City with wind, solar, and hydropower from upstate New York and Canada. 

The Champlain Hudson Power Express will deliver 1,250 megawatts of hydropower from Canada, enough to power more than a million homes. Clean Path New York will deliver 3,400 megawatts of wind and solar capacity via a new transmission line. Both projects are critical to satisfying a state law that requires all electricity generated in New York to be carbon-free by 2040. 

In November 2022, Gov. Hochul broke ground on the Hudson Power Express line and construction is now underway. Significant parts of Clean Path New York have been completed, including 22 wind turbines that opened in May.

The most impactful Climate Week developments may be the least expected ones

Sometimes change is generated less by planned announcements and more by the spotlight and accountability that Climate Week brings to bear. Conference forums can give us the opportunity to hear what heads of state and leaders of global institutions truly think.

At Climate Week 2022, at a live event hosted by The New York Times, then-World Bank President David Malpass would not affirm the scientific consensus that man-made carbon emissions were contributing to climate change. While many in the climate policy arena had already critiqued Malpass’s lack of commitment to climate solutions, his comments sparked immediate and widespread calls for his resignation. The global pushback prompted Malpass to step down. 

Moreover, the outcry for a climate-conscious World Bank president was heard. This June, former Mastercard CEO Ajay Banga took on the job. In a first-day memo to his entire staff, Banja said: “We are at a critical moment in the arc of humanity and the planet. The World Bank Group is being asked to lead the way, to double down on development and climate efforts and to deliver even more impact and results.”

When the leadership of the World Bank, with influence over billions of dollars in global investment, shifts from climate denial to staunch advocacy, it’s a game-changer. And it happened in part because of public statements made at Climate Week.

…And what was Speed & Scale focused on at Climate Week?

We were on the ground in New York to connect with global partners who are committed to solving our climate crisis. Achieving net zero emissions by 2050 demands collective action around a plan based on clear targets. Accountability matters. We can’t manage what we can’t measure. 

As the climate community gears up toward announcing progress and outcomes at COP28 in November, Speed & Scale will be updating our tracker on global climate progress. We’re expecting to see a mix of inspirational leaps, incremental advances, and disappointing regressions. Still, we believe in transparency and will present it all with the goal of moving urgently toward a cleaner and healthier future.

Stay tuned. 

Additional Resources
Resource April 15, 2024

Methodology

Speed & Scale is a platform and global action plan to zero out the world’s 59 gigatons of annual greenhouse gas emissions by 2050. It is organized around objectives... Read More.