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

EVs achieve price and performance parity with new combustion-engine vehicles in the U.S. by 2024, and in India and China by 2030.

Updated May 2023
Off Course

$64,507 (average EV) vs. $44,761 (average full-size car)

Data: Kelley Blue Book

Date: Dec. 2022

1.2
Cars

One of two new personal vehicles purchased worldwide are EVs by 2030, 95% by 2040.

Updated June 2023
Strong Momentum

EV share of global auto sales was 14% in 2022

(BEVs, FCVs, and PHEVs)

Data: BloombergNEF

Date: March 2023

1.3
Buses & Trucks

All new buses are electric by 2025; 30% of medium and heavy trucks purchased are zero-emissions vehicles by 2030; 95% of trucks by 2045.

Updated May 2023
Limited Progress

Over the past decade, e-bus share has grown from 1% to 44%

Data: BloombergNEF

Date: 2021

1.4
Miles ↓ 5 Gt

50% of miles driven globally (two- and three-wheelers, cars, buses, and trucks) are electric by 2040, 95% by 2050.

Updated May 2023
Code Red

EV global share of miles driven: 7.3%

Data: BloombergNEF

Date: 2021

1.5
Planes ↓ 0.3 Gt

Low-carbon fuel powers 20% of miles flown by 2025; carbon-neutral fuel powers 40% of miles flown by 2040.

Updated May 2023
Off Course

<0.1% of flights use sustainable aviation fuel (SAF)

Data: IATA

Date: 2022

1.6
Maritime ↓ 0.6 Gt

Shift all new construction to “zero-ready” ships by 2030.

Updated May 2023
Off Course

Projected launch of first carbon-neutral ships: 2023

Data: Maersk

Date: 2022

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

50% of electricity worldwide comes from zero-emissions sources by 2025, 90% by 2035.

Updated May 2023
Strong Momentum

Global market share of zero-emissions electricity: 38%

Data: IEA

Date: 2021

2.2
Solar & Wind

Solar and wind are cheaper to build and operate than emitting sources in all countries by 2025

Updated May 2023
Strong Momentum

96% of the world’s population lives in nations where renewable sources are cheaper than fossil fuels

Data: BloombergNEF

Date: 2022

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 May 2023
Off Course

Short-term storage: $324/kWh

Data: BloombergNEF

Date: 2022

2.4
Coal & Gas

No new coal or gas plants from 2023 on; existing plants to retire or zero out emissions by 2025 for coal and by 2035 for gas.*

Updated May 2023
Code Red

Now under construction globally: 374 coal-fired units and 505 gas-plant units

Data: Global Energy Monitor

Date: January 2023

2.5
Methane Emissions ↓ 3 Gt

Eliminate leaks, venting, and most flaring from coal, oil, and gas sites by 2025.

Updated May 2023
Code Red

Methane emissions were approximately 3 gigatons in 2022

Data: IEA

Date: 2022

2.6
Heating & Cooking ↓ 1.5 Gt

Cut gas and oil for heating and cooking in half by 2040.* 

Updated May 2023
Code Red

Fossil fuels power 41% of cooking stoves and heat 58% of U.S. homes

Data: U.S. Census Bureau

Date: 2021

2.7
Clean Economy

To more than triple the energy productivity rate by 2035, we must phase out fossil fuels while also boosting energy efficiency.

Updated May 2023
Limited Progress

World average: $240 in GDP per $1 of fuel consumption

Data: BP Statistical Review and World Bank

Date: 2021

3.0
Fix Food
Reduce 9 gigatons of agricultural emissions to 2 gigatons by 2050.
3.1
Farm Soils ↓ 2 Gt

Improve soil health through practices that increase carbon content in topsoils to a minimum of 3%.

Updated May 2023
Off Course

1.4%: Average carbon content of farm soils in the U.S.

Data: U.S. Dept. of Agriculture

Date: 2013; published 2017

3.2
Fertilizers ↓ 0.5 Gt

Stop the overuse of nitrogen-based fertilizers and develop greener alternatives to cut emissions in half by 2050.

Updated October 2022
Off Course

69.8 kilograms per hectare: global average for nitrogen-based fertilizers

Data: FAO

Date: 2019

3.3
Consumption ↓ 3 Gt

Promote lower-emissions proteins, cutting annual consumption of beef and dairy 25% by 2030, 50% by 2050.

Updated October 2022
Code Red

U.S. per capita weekly consumption: 1.1 lbs. of beef and 3.8 lbs. of dairy

Data: OECD

Date: 2020

3.4
Rice ↓ 0.5 Gt

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

Updated May 2023
Off Course

1 gigaton of CO2e resulting from rice production

Data: WRI and the Sustainable Rice Platform

Date: 2014 and 2021

3.5
Food Waste ↓ 1 Gt

Lower the food waste ratio from 40% of all food produced to 10%.

Updated May 2023
Off Course

40%: estimated global portion of food that is wasted

Data: WWF and Tesco

Date: 2021

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 destructive practices and logging in primary forests.

Updated April 2023
Code Red

3.75 million hectares of primary forest lost annually

Data: Global Forest Watch

Date: 2021

4.2
Oceans ↓ 1 Gt

Eliminate deep-sea bottom trawling and protect at least 30% of oceans by 2030, 50% by 2050.

Updated April 2023
Limited Progress

8% of coastal oceans are protected

Data: Protected Planet

Date: June 2022

4.3
Lands

Expand protected lands from 17% today to 30% by 2030, 50% by 2050.

Updated August 2022
Off Course

17% of global lands are protected

Data: Protected Planet

Date: June 2022

5.0
Clean Up Industry
Reduce 12 gigatons of industrial emissions to 4 gigatons by 2050.
5.1
Steel ↓ 3 Gt

Reduce total carbon intensity of steel production 50% by 2030, 90% by 2040.

Updated May 2023
Code Red

1.9 tons of CO2 emitted per 1 ton of steel produced

Data: WorldSteel.org

Date: 2021

5.2
Cement ↓ 2 Gt

Reduce total carbon intensity of cement production 25% by 2030, 90% by 2040.

Updated May 2023
Code Red

0.6 tons of CO2 emitted per 1 ton of cement produced

Data: IEA

Date: 2021

5.3
Other Industries ↓ 2 Gt

Reduce emissions from other industrial sources (primarily plastics, chemicals, paper, aluminum, glass, and apparel) 80% by 2050.

Updated April 2023
Code Red

5 gigatons emitted by other industries

Data: UNEP

Date: 2020

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 1 gigaton per year by 2025, 3 gigatons by 2030, and 5 gigatons by 2040.

Updated May 2023
Off Course

0.28 gigatons of nature-based carbon removal being tracked

Data: Climate Focus

Date: 2022

6.2
Engineered Removal ↓ 5 Gt

Remove at least 1 gigaton per year by 2030, 3 gigatons by 2040, and 5 gigatons by 2050.

Updated May 2023
Off Course

Currently, 43 metric tons are being removed annually

Data: BloombergNEF

Date: 2021

7.1
Commitments

Each country enacts a national commitment to reach net-zero emissions by 2050 and gets at least halfway there by 2030.

Updated August 2022
Limited Progress

EU and UK: cut emissions in half by 2030; net zero by 2050

U.S.: Congress passed climate laws that target a 40% cut by 2030.

China: net zero by 2060

India: net zero by 2070

Russia announced net zero 2060, though no formal adoption

7.2
Subsidies

End direct and indirect subsidies for fossil fuel companies and for harmful agricultural practices.

Updated August 2022
Code Red

The top five emitters still pay a total of nearly $4 trillion in fossil fuel subsidies. Globally, nations are paying $5.9 trillion, including healthcare spending due to air pollution and other indirect costs.

Source: IMF
Date: 2020

7.3
Price on Carbon

Set national prices on CO2 emissions at a minimum of $55 per ton, rising 5% annually.*

Updated August 2022
Off Course

EU: $100/ton; member states implement their own price schedules

UK: $20/ton

China: $10/ton

U.S.: No national price. 12 states set prices

India: No national price

Russia: No national price

7.4
Global Bans

Prohibit HFCs as refrigerants and ban single-use plastics for all non-medical purposes.

Updated August 2022
Limited Progress

U.S. aims to reduce HFCs 85% by 2036.
The EU aims to reduce HFCs 67% from 2010 by 2030.
China aims to reduce HFCs 68% by 2025.

7.5
Government R&D

Double (at minimum) global public investment into research and development; quadruple it in the United States.

Updated August 2022
Off Course

China: $7.9 billion
U.S.: $9.4 billion
EU + UK: $8.7 billion
India: $110 million
Russia: little to no allocation

Data: IEA

Date: 2020

8.1
Voters

The climate crisis is a top-two voting issue in the twenty top-emitting countries by 2025.

Updated August 2022
Off Course

Climate’s rank as top issue: #9 in the U.S., #8 globally, #2 (tied) in Europe

Data: Gallup (May 2022), Ipsos (June 2022), and Eurobarometer (Jan. 2022)

*different surveys can only be roughly compared to each other

 

8.2
Government

A majority of government officials—elected or appointed—will support the drive to net zero.

Updated May 2023
Off Course

47% of heads of state (7 of 15 top-emitting nations)

27% of national legislatures (4 of 15 top-emitting nations)

Data: EDGAR

Date: 2021

8.3
Business

100% of Fortune Global 500 companies commit immediately to reach net zero by 2040.

Updated May 2023
Off Course

3.4% of Global 500 companies committed to net zero by 2040 across Scope 1-2-3 emissions

6.2% of Global 500 companies committed to net zero by 2050 across Scope 1-2-3 emissions

Data: Speed & Scale

Date: November 2022

 

8.4
Education Equity

The world achieves universal primary and secondary education by 2040.

Updated May 2023
Off Course

129 million girls out of school

Data: UNICEF

Date: 2022

8.5
Health Equity

Eliminate the gaps among racial and socioeconomic groups in mortality rates from air pollution by 2040.

Updated August 2022
Off Course

2.2 years (global average loss of life due to air pollution)

5 years (lost lifespan in S. Asia, Niger Delta, other low-income regions)

Data: Air Quality Life Index (AQLI)

Date: 2021

8.6
Economic Equity

The global clean energy transition creates 65 million new jobs, equitably distributed and outpacing the loss of fossil fuel jobs.

Updated May 2023
Limited Progress

13 million people employed directly and indirectly

Data: IRENA

Date: 2021

9.1
Batteries

Produce 10,000 GWh of batteries yearly at less than $80 per kWh by 2035.

Updated August 2022
Strong Momentum

Production: ~834GWh

Price: $132 per kWh 

Sources: BloombergNEF

Date: 2021

9.2
Electricity

Cost of zero-emission baseload power reaches $0.02 per kWh by 2030, with peak-demand power reaching $0.08 per kWh.

Updated May 2023
Strong Momentum

5 cents/kWh cost for utility-scale solar

Data: IRENA

Date: 2021

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 May 2023
Off Course

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

Source: BloombergNEF

Date: 2021

9.4
Carbon Removal

Cost of engineered carbon dioxide removal falls to $100 per ton by 2030, $50 per ton by 2040.

Updated May 2023
Off Course

$600 to $1,200 per ton of carbon removed, not at scale

Source: Bloomberg and Climeworks

Date: 2021

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 August 2022
Off Course

Jet Fuel: $4.22 (Traditional) vs. $22.13 (Sustainable) ~ 5.3X

Vehicle Fuel: $5.72 (Diesel) vs. $6.26 (Biodiesel) ~ 1.1X

U.S. prices when available. No pricing or availability for carbon-neutral fuels. Limited availability and price transparency for sustainable aviation fuels.

Data: IATA, BloombergNEF, GlobalPetrolPrices.com, AFDC

Date: June 2022

 

10.1
Financial Incentives

Increase global government incentives and support for clean energy from $128 billion to $600 billion per year.

Updated May 2023
Off Course

$128 billion in global government incentives for renewable power generation, which is 20% to 35% of total direct fossil fuel subsidies

Source: IRENA

Date: 2020

10.2
Government R&D

Increase public-sector funding of energy R&D from $9.2 billion to $40 billion a year in the U.S.; other countries should aim to triple funding.

Updated May 2023
Limited Progress

U.S. energy R&D budget: $9.2 billion

Source: IEA

Date: 2021

10.3
Venture Capital

Expand investment of capital into U.S. startup companies to $50 billion per year.

Updated May 2023
Achieved

$59 billion invested in U.S. climate tech startups, up from $17 billion in 2020

Source: BloombergNEF

Date: 2022

10.4
Project Financing

More than double zero-emissions project financing by 2025, from $431 billion to $1 trillion per year.

Updated May 2023
Limited Progress

Clean energy financing reached an all-time high last year, hitting $583 billion

Source: BloombergNEF

Date: 2022

10.5
Philanthropic Investing

Increase philanthropic dollars from $10 billion to $30 billion per year.

Updated May 2023
Limited Progress

Less than 2% (between $7.5 billion and $12.5 billion) of philanthropic giving is dedicated to climate change mitigation

Source: ClimateWorks Foundation

Date: 2021

ResourceSeptember 21, 2023

The Power of Convening: Climate Week NYC 

Global leaders, Fortune 500 executives, and climate advocates all attend. But what actually gets accomplished?

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
Primers May 19, 2023

G is for Greenium 💲

Sustainable investment will be instrumental on the path to net zero. Green bonds are an important tool to facilitate sustainability projects by governments and businesses.   Green bonds are a form… Read More

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