A/74/161 annually from 2000 to 2015. The majority of ongoing deforestation is in tropical forests, which are important carbon sinks and also home to tremendous biodiversity. C. Magnitude of the challenges ahead 16. Society is addicted to fossil fuels. Despite 27 years of commitments dating back to the United Nations Framework Convention on Climate Change, the world is neither headed in the right direction, nor addressing the crisis at an adequate pace. Since 1990, global energy consumption has increased by 57 per cent. The share of the world’s total energy supply provided by fossil fuels has remained unchanged at 81 per cent. 16 Coal use is up 68 per cent, oil use is up 36 per cent and natural gas use is up 82 per cent. Even the fossil fuel share of electricity production has increased, from 62 per cent in 1992 to 65 per cent in 2016. Global greenhouse gas emissions are up 60 per cent since 1990. Wealthy people and large corpora tions are deeply invested in the status quo and use their immense economic and political power to resist the societal transformations needed to successfully address climate change. 17. Despite the Paris Agreement, energy-related carbon dioxide emissions rose in 2018 at the fastest rate since 2011, with the United States, China and India accounting for 85 per cent of the increase. Coal reversed its recent decline. Emissions from natural gas jumped 5 per cent. Deforestation in Brazil’s Amazon rainforest incre ased 14 per cent in 2018. 17 18. The International Monetary Fund estimated that fossil fuel subsidies in 2017 were $5.2 trillion, with coal and oil accounting for 85 per cent of this total. 18 In 2018, global energy investment was $1.8 trillion, but three times as much money was invested in fossil fuels compared to renewables. 19 The poorest countries, despite being home to 42 per cent of the world’s population and having the most pressing energy needs, received only 14 per cent of total energy investment. Accord ing to the International Energy Agency, there is “a growing mismatch between current trends and the paths to meeting the Paris Agreement and other sustainable development goals.” 20 19. In response to the climate crisis, the Paris Agreement aims to hold the increase in global average temperatures to well below 2°C, while striving to limit the increase to 1.5°C. Parties filed nationally determined contributions indicating the climate actions they plan to implement by 2030. Unfortunately, even if fully implemen ted by all States, the current nationally determined contributions would lead to a disastrous global temperature rise of 3°C above pre -industrial levels, violating the Paris Agreement. 20. In order to meet the Paris targets, only a limited volume of addit ional emissions can be allowed, known as the carbon budget. As of 2018, to have a likely chance (67 per cent) of limiting warming to 1.5°C, the remaining global budget is 580 gigatons of carbon dioxide. Annual emissions are roughly 50 gigatons, indicating that the entire budget will be exhausted by 2030 unless substantial emission reductions take place. The Intergovernmental Panel on Climate Change identified a 45 per cent reduction in carbon dioxide emissions by 2030 and net zero emissions by 2050 as necessary in order to limit warming to 1.5°C. To achieve the 2°C target requires a 25 per cent reduction in emissions by 2030 and net-zero emissions by 2070. The current level of ambition in reducing emissions must be tripled to achieve the 2°C target and quintupled to reach the 1.5°C goal. 21 Put simply, complying with the Paris Agreement requires dramatically accelerated climate action. 21. Net zero means that all greenhouse gas emissions will be offset by carbon dioxide removal, through afforestation, reforestation, land restoration, soil carbon sequestration, bioenergy with carbon capture and storage, and direct air carbon capture and storage. Implemented well, some carbon dioxide removal tools could provide co-benefits, such as healthier biodiversity, improved soil quality and local __________________ 16 17 18 19 20 21 8/22 International Energy Agency, World Energy Balances (International Energy Agency, 2018). Climate Action Tracker, “June 2019 update: Climate crisis demands more government action as emissions rise” (Climate Action Tracker, 2019). International Monetary Fund, “Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates”, IMF Working Paper, WP/19/89 (International Monetary Fund, 2019). International Energy Agency, World Energy Investment 2019 (International Energy Agency, 2019). International Energy Agency, World Energy Investment 2019 (International Energy Agency, 2019). UNEP, Emissions Gap Report 2018 (Nairobi, UNEP, 2018). 19-11977