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As cheap as wind and solar, they can still represent a significant financial investment. That’s why the new report emphasizes that improving access to finance, especially in developing countries, will help accelerate climate action.
“Money can’t solve everything, but it’s important to bridge the gap between the most vulnerable and the most secure.” Lee said.
2) Cut methane emissions from fossil fuel production and waste.
Carbon dioxide is primarily responsible for climate change, but it is not alone in warming the planet. In the recent past, methane is 80 times more powerful than carbon dioxide as a greenhouse gas.
Reducing methane emissions this decade will be key to reaching climate goals and limiting global warming: hitting the 1.5°C target will require methane emissions to fall by a third between 2019 and 2030, according to the IPCC report.
There are a wide range of sources of methane, but the main targets for reducing emissions include oil and gas production and food waste, the report says.
Investments in new infrastructure to reduce methane emissions from oil and gas could break even: According to the IEA, an annual investment of $11 billion is needed to clean up the sector, but the value of the captured methane may be more than enough. To cover the cost.
3) Protect natural ecosystems that store carbon.
While most human-caused greenhouse-gas emissions come from transportation, energy, and buildings, about 20% of global emissions come from agriculture, forestry, and land-use changes. The effects of human-caused climate change are “threatening our life support system, nature,” Lee said. Preserving and restoring natural ecosystems is not only key to maintaining biodiversity, but also has emission benefits.
Natural ecosystems can capture and store carbon, and tropical rainforests are the planet’s largest carbon sinks. Protecting these and other ecosystems can be a cheap and high-cost way to mitigate climate change.
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