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Keeping global warming below 2 degrees Celsius above the pre-industrial average — the level scientists say is necessary to avoid climate change tipping points that could have potentially catastrophic environmental, social and economic impacts — requires capping the cumulative total of carbon emissions within the global ‘carbon budget’.
Even if emissions were cut to zero from today, the rise in global temperatures since the pre-industrial period will continue to cause long-term climate change, including rising sea levels. Business as usual is no longer an option.
Key takeaways
Business as usual will soon exhaust carbon budgets that would limit global warming to under 2 degrees Celsius this century
Much higher carbon prices and massive green investment is required to cut greenhouse gas emissions
Investors must understand the profound challenge ahead and the impact on economies and markets
