The climate change problem, exacerbated by the increase in carbon dioxide emissions, demands urgent and decisive action. Science is clear on this point: we must not only reduce carbon emissions significantly and quickly but also start actively removing CO2e from the atmosphere to counteract global warming.
In 2023, global CO2 emissions reached record levels, highlighting the ongoing challenge in the fight against climate change. According to the International Energy Agency (IEA), the growth of clean energy managed to limit the increase in global emissions to 1.1%, indicating that investments in sustainable technologies are beginning to have a positive impact1.
However, research by the Global Carbon Project and the University of Exeter highlights that global carbon dioxide emissions from fossil fuels continued to increase, exceeding 40 billion tons in 2023.
This 1.1% increase compared to 2022 levels and 1.5% compared to pre-pandemic levels underscores the need for more decisive and rapid actions.
In response to this climate urgency, significant progress has been made politically, especially regarding net zero commitments.
Approximately 80% of global CO2 emissions are now covered by net zero commitments in 72 countries, with 70 more considering similar commitments4.
Major policy packages such as the Inflation Reduction Act in the United States, the European Green Deal Industrial Plan, China's 14th Five-Year Plan, and Japan's Green Transformation Plan demonstrate global commitment to aligning with the Paris Agreement, committing hundreds of billions of dollars to decarbonization.
However, despite these efforts and commitments, global emissions are projected to increase by 3% by 2030 compared to projections made at the time of the Paris Agreement adoption, although this represents a significant decrease from the initial projection of a 16% increase5.
The 2023 UNEP Emissions Gap Report shows a reduction in the implementation gap, which measures the difference between emissions projected under current policies and those projected under the full implementation of Nationally Determined Contributions (NDCs), although it highlights that confidence in the implementation of these net zero commitments remains low.
The path to meeting the Paris Agreement goals still presents significant challenges. It is estimated that to stay within the long-term temperature limits of the Agreement, a speed shift in decarbonization in several key sectors will be necessary by 2030.
This landscape reflects the complexity and urgency of the climate crisis, highlighting the importance of accelerating the transition to a global net-zero economy to avoid the worst impacts of climate change.
Xofia takes the climate crisis very seriously, understanding the urgency of acting now to safeguard our planet for future generations. Recognizing that time is of the essence, we focus on providing practical and efficient solutions with a go-to-market approach that allows companies to accelerate their processes towards the net-zero goal.
Our agile methodology and cutting-edge technology are designed to remove barriers, simplify the green transition, and provide corporations with the necessary tools to act decisively and effectively in the fight against climate change.
With Xofia, the commitment to a net-zero future is not just a statement of intent but immediate and measurable action.