Jasim Puthucheary: Accurate and timely climate data is imperative to achieving net zero by 2050

The first ever global stocktake that was presented at the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP 28) in November 2023 found that the world is not on track to achieve the goals set out in Paris in 2015. This was of no surprise to anyone. The report went on to highlight the need to reduce greenhouse gas (GHG) emissions by 43%, 60% and 84% from 2019 levels by 2030, 2035 and 2050 respectively to limit global warming to 1.5°C. For perspective, scientists believe a 1.5°C increase in global temperatures will result in the loss of 70% to 90% of coral reefs worldwide.

At a financial level, Carbon Disclosure Project Global Supply Chain Report found that climate risks threaten to cause US$1.26 trillion (RM5.93 trillion) in revenue losses for suppliers within the next five years. The global stocktake compiles data over two years and is scheduled to be conducted every five years. Work for the report presented at COP 28 in November 2023 started in 2022. The next stocktake will begin in 2028 with its results to be presented in 2030.

The data presented at COP 28 is already at least a year out of date and only in another six years will we know if (and it’s a big if based on past performance) humanity is on track to meet the GHG emission targets that it set for itself. In other words, important data required to plan and execute vital projects to reduce GHG emissions on a global level will not be made available until 2030. And any shortfall in the actual emissions reduction will be pushed forward into the remaining years. This is similar to taking a loan today and only looking at our finances in five years’ time to see if we can repay our debt. Most people would recognise this as being financially irresponsible. And in the same vein, we are acting irresponsibly if we do not monitor emission reductions targets versus actual results more prudently.

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