Mandate companies and financial institutions to report their climate risks and impact, and integrate them into decision-making

Thanks to extraordinary progress achieved over the past decade, zero-CO₂ emitting technologies exist that are lower cost to operate than their fossil-fueled rivals. The list includes wind and solar power projects in most of the world and electrified vehicles in a small but growing number of nations. Yet these climate-friendly technologies do not always flourish, in part due to policies that explicitly protect incumbents.

Accelerate deployment of mature climate solutions

The current suite of cost-competitive zero-carbon technologies – wind, solar, batteries and electrified transport, among others – is poised to cut emissions meaningfully over coming decades. But to zero out emissions entirely, more technologies will be required to provide around-the-clock, zero-carbon power, decarbonize industrial processes, cut emissions associated with livestock production and meet other challenges.

Support development of new climate solutions

Despite the immediate threat posed by climate change, national governments continue to subsidize the burning of fossil fuels or underwrite their extraction through state-owned companies. While this clearly must cease, scaling back subsidies that artificially cap consumer gasoline and electricity prices can be politically challenging. Nonetheless, policy makers and others have found innovative ways to phase out fossil-fuel supports.

Phase out carbon-intensive activities

The scope of the climate crisis is forcing smart policy makers to take a multidecadal view of the problem. But policies are only as good as the frameworks that exist to implement and enforce them. Policy makers must recognize that to attract investment in low-carbon technologies – and enjoy the associated economic benefits – they must construct governance structures that are durable and long-lasting.

Create appropriate climate transition governance

The power sector has several well-established and mature zero-carbon technologies; however, support for the deployment of emerging solutions, including those that are still unproven at scale, will be needed if the power sector is to stay on track to net zero.

Power and Grids

Manufacturing, producing basic materials and other industrial activities account for about a quarter of annual global CO₂ emissions. This includes energy-intensive processes such as steelmaking, refining of chemicals and fuels and making consumer and other goods.

Industry and Materials

The movement of people and goods via cars, buses, ships, planes and other forms of transportation accounts for one-seventh of total global CO₂ emissions each year. Within transportation, emissions from road vehicles has been rising sharply, particularly as developing nations put more cars on the roads.

Transport

The buildings sector is responsible for a large share of global emissions, but retrofitting existing buildings with low-carbon heating and cooling technologies and requiring efficiency standards in new builds can reduce this share. Heat pumps are a mature, efficient heating technology with the potential to play a significant role in lowering the sector's carbon footprint.

Buildings

As developing countries grow, demand for food overall and for food with higher protein levels rises. This creates a pressing need for sustainable agriculture solutions that address the emissions challenge while not hampering economic growth.

Establish independent bodies to provide objective advice to governments on climate goals and policies

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