Price Waterhouse Coopers (PwC) has said there is an urgent need for a sevenfold increase in global decarbonisation efforts to limit global warming.
In a statement released on Tuesday, PwC's Net Zero 2023 Economy Index 2023 said the required annual rate of decarbonisation has surged to 17.2 per cent, up from 15.2 per cent the previous year. The index said no G20 country has achieved a decarbonisation rate over 11 per cent in a single year since 2000.
The report emphasised the alarming gap between the world's ambitions to address climate change and the reality of current progress. Achieving a 1.5C limit above pre-industrial levels would necessitate a decarbonisation rate 12 times faster than the global average of the past two decades.
PwC's net-zero leader for the Caribbean, Gerry Mahon, highlighted the consequences of the world's failure, saying, "Climate change leaves us on the cusp of an unpredictable and economically destructive time."
He stressed the need for immediate action to realign the global economy with a 1.5C future.
Despite the grim outlook, the report offered a glimmer of hope, noting a surge in renewable energy adoption. Solar energy recorded its highest growth ever, at 24.4 per cent, and wind energy increased by 13.1 per cent. The growth of renewables was particularly prominent in Asia, the USA and Europe.
The Net Zero Economy Index also highlighted that the UK has maintained the highest long-term decarbonisation rate, at 3.7 per cent, throughout the 21st century.
Mahon said, “To achieve our global ambition, and starting this year, it is time to embrace a bold, commercial and disruptive phase of global redevelopment that is driven by mass deployment of clean technologies, accelerated by practical innovation, and scaled with sustainable finance.
"We remain highly vulnerable to climate change in the Caribbean, so we must make it an imperative to be a part of the solution. The result of our choices now will define the outcome for future generations who neither chose nor deserve a flawed inheritance.”
The report said the choices made today will shape the future for generations to come.