Impact in numbers

110%

Global fossil fuel production in 2030 is set to be more than double the level consistent with meeting climate goals set under the 2015 Paris agreement, says the UN. The 20 major fossil fuel producers plan to produce, in total, around 110% more fossil fuels in 2030 than would be consistent with limiting the level of warming to 1.5 deg C, and 69% more than is consistent with 2 deg C.

1,003

Half of the world’s 2,000 biggest listed companies have set a target to get to net-zero emissions by mid-century, but just a fraction meet UN guidelines for what constitutes a quality pledge, according to Net Zero Tracker, an independent data consortium that includes Oxford University. Corporate targets have jumped 40% to 1,003 in 2023 from 702 in 2022, covering two-thirds of revenues, some $27 trillion.

91%

All eyes will be on the energy sector at COP28 climate negotiations in Dubai. More than 60 countries have said they back a deal spearheaded by the European Union, United States and United Arab Emirates to triple renewable energy this decade and shift away from coal.

As 91% of global carbon dioxide emissions originate from fossil fuels, an ambitious commitment on energy is needed. Many regard this year’s edition of COP as the most important since COP21 in Paris, where governments adopted the Paris Climate Agreement.

$5trn

Global economic losses could reach $5 trillion under a “plausible increase” in extreme weather events linked to climate change that cause crop failures and food and water shortages, according to a study by insurer Lloyd’s of London and the Cambridge Centre for Risk Studies.

The weighted average loss across the three severities it modelled – major, severe and extreme – was $5 trillion over the five years, ranging from $3 trillion in the lowest severity scenario up to $17.6 trillion in the most extreme.

China leads on renewables