IPCC REPORT: Mitigation of Climate Change

A new report by the Intergovernmental Panel on Climate Change (IPCC) released on April 4, 2022 shows that accelerated international cooperation on finance to support low income countries is a critical enabler of a low-carbon and just transition. 

The report, Climate Change 2022: Mitigation of Climate Change points out that scaled-up public grants for adaptation and mitigation and funding for low-income and vulnerable regions, especially in Sub-Saharan Africa, may have the highest returns.

Key options according to the report include: Increased public finance flows from developed to developing countries beyond USD100 billion-a-year; shifting from a direct lending modality towards public guarantees to reduce risks and greatly leverage private flows at lower cost; local capital markets development; and, changing the enabling operational definitions. 

Further, the report suggests that meeting the $100 billion UNFCCC Copenhagen Accord on a grant-equivalent basis could support Paris aligned NDCs (national plans) integrate policies on COVID-19 pandemic recovery, climate action, sustainable development, just transition and equity in the process harnessing co-benefits towards hidden energy poverty such as clean-cooking. Close to 3 billion people in Africa and developing Asia have no access to clean cooking energy.

This report is the Working Group III contribution to the IPCC’s Sixth Assessment Cycle (AR6), and examines current trends of emissions, projected levels of future warming, and how to transition to a low carbon economy in order to limit global warming to 1.5°C by 2100, in line with Paris targets. It considers trends in sectoral emissions across energy, transport, agriculture, buildings and industry, and projected warming levels based on current levels of policy commitment. The report shows how transformative systems can ensure a safer climate and a sustainable economy. 

For the full report, click here