A UN report has called for fossil fuel exploration to cease globally by 2030.
In the UN synthesis report published yesterday, part of the 'stocktake' to review global climate progress every five years, placed significant emphasis on the urgent need to reduce global greenhouse gas emissions.
Among the findings and recommendations, the report underscored soaring fossil fuel subsidies and took aim at the ineffectiveness of Climate Agreements, such as the Glasgow Pact, in curbing these subsidies.
Monitoring mechanisms to evaluate the integration of these agreements into national policies are often lacking, it said.
The call to halt all new oil, gas, and coal exploration and development by 2030 has been significantly highlighted. Additionally, there's a demand for a phase-out of fossil fuel production before 2050.
While efforts to strengthen and communicate commitments have been made, most still do not align with the Paris Agreement's temperature goals.
The report indicates that every increment in global warming escalates risks, adversities, and damages associated with climate change.
Industries were identified as a significant contributor to greenhouse gas emissions, with data showing they accounted for 34% of global GHG emissions in 2019.
The report championed nature-based solutions, recognizing their potential to offer up to a third of the mitigation required by 2030.
For the fossil fuel sector, the report clearly indicates that the time to transition towards sustainable energy is not in the future — it's now.