Source: MIL-OSI Submissions
:start Source: University of Technology Sydney
If the global average surface temperature has already increased by 1˚C, and we are feeling its effects, is it still possible to meet the Paris Climate Agreement’s target? Yes, according to a new open access book edited by UTS researcher
Sydney/Australia, 16 August 2022: Climate change is the defining threat of the 21st century. It is at the centre of our global risk landscape, affecting global societies and economies through extreme weather events, food and water shortages, sea-level rise, and large-scale migration. The events of 2022 – heat waves in Europe, floods in Australia, wildfires in California – prove that this is no longer a future scenario.
This decade is decisive – it is far later than hoped, but not too late to avoid the worst consequences for humankind and our planet. In 2021, the Intergovernmental Panel on Climate Change (IPCC) suggested that global warming can be limited to 1.5°C with a carbon budget of 400 billion tonnes of CO2 carbon dioxide.
In a new open-access book, scientists at the University of Technology Sydney (UTS) detail how this budget can be apportioned across 12 key industry sectors including steel, cement, aviation, road transport and buildings.
Achieving the Paris Climate Agreement Goals Part 2: Science-based Target Setting for the Finance industry – Net-Zero Sectoral 1.5˚C Pathways for Real Economy Sectors (Springer Nature, 2022) presents decarbonisation pathways for industry sectors, presenting emission reduction targets in five-year steps from 2025 to 2050.
The new research provides a significant amount of data and suggests key performance indicators for the finance industry to help implementing ambitious climate targets. The foreword for this book is written by Nigel Topping – the UN Climate Change High-Level Champion at COP26 (Glasgow) of 2021.
Achieving the Paris Climate Agreement Goals Part 2… follows a 2019 first edition, which focused on country specific energy pathways, and with 300,000+ downloads is among the most successful publications in this research field to date.
The pathways were developed using the OneEarth Climate Model (OECM), which was devised by UTS researchers in 2019 to support the United Nations Principles for Responsible Investment initiative (UNPRI) by providing sustainability guidance for the global finance industry.
The OECM is recognised from the Glasgow Financial Alliance for Net-Zero (GFANZ) and the Net-Zero Asset Owner Alliance (NZAOA) – both global coalitions of leading financial institutions committed for the decarbonisation of the global economy – as one of the leading scientific research programs to define science-based climate targets for the global finance industry.
Associate Professor Dr Sven Teske, lead author and editor of the book, says:
“Our research teams worked in Australia, Europe, Asia and the Americas over the past four years. During this time, we witnessed both the worst bush fire season as well as unprecedented floods in Australia, heat waves in Europe and wild fires in California – right in front of our offices while we wrote the book.
We are dedicated to make a difference and to provide a solid scientific pathway out of the climate catastrophe to limit global warming to +1.5˚C – in line with the Paris Climate Agreement. The support of global finance institutions during our research was overwhelming and encouraging.
The transition to a global decarbonised economy is within technical reach, it is economic and we do have access to over 90% of the technologies already. All we need is the support of governments – the finance industry clearly showed its commitment to shift investments.
Further information about the One Earth Climate Model work.
