The world is in the midst of a rapid transition to a low-carbon future, and countries are moving ahead to make the transition easier, experts say.
The Paris climate change agreement reached last year by 195 countries commits nearly 200 nations to reducing emissions from the global economy to prevent the worst effects of climate change.
The agreement commits the world to a “climate transformation” of its economy by 2020, but experts say the global response to the crisis is still in its early stages.
Read more: The World Bank predicts the global debt to GDP ratio will reach $6 trillion by 2020The International Monetary Fund (IMF) said the pace of climate adaptation is not yet at a level of “prestige” that the world needs, but said the global outlook is good.
“A lot of things are moving in the right direction, but we are not yet where we need to be,” IMF President Christine Lagarde said on Tuesday, adding that the Paris agreement “will be a game changer”.
“The world is on track to avoid the worst of the impacts of climate disruption.
The Paris agreement is a game-changer,” she said.
Global GDP grew at an annual rate of 2.4% last year, according to IMF data.
The International Labour Organization (ILO) said this year’s economic growth was “the strongest in over a decade” in the world, with the average global income per capita rising by 1.5%.
But the IMF warned that the transition to low-emissions growth would be slow and uncertain.
“We are now in a transition phase, but the pace at which we can adapt will be slower and more uncertain than it was during the transition years before the Paris Agreement,” said an IMF report on Tuesday.
The global economy is currently experiencing its weakest growth in 25 years.
The UN Development Programme has estimated that by 2020 climate-related poverty will reach a record high, with many of the poorest in the developing world still living in extreme poverty.
The IMF said that a global commitment to reducing carbon emissions would be “a big part of the solution”.
“We need to get on board the Paris climate deal and be more ambitious about the way we tackle climate risk,” IMF Managing Director Catherine Kearney said in a statement.
“I have been calling for an emissions reduction pledge by 2020 and I believe the Paris deal is the first step to achieve that.”
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