PwC’s Low Carbon Economy Index (LCEI) 2018 finds the goal of limiting global warming to two degrees looks even further out of reach as national decarbonization rates fail to match up to the Paris Agreement.
China leads the Index, decarbonizing its economy by 5.2% in 2017. China has nearly halved the carbon intensity of its economy in ten years.
The UK has had the fastest low carbon transition since 2000 of all G20 countries. Its absolute carbon intensity is comparable with France, Brazil and Italy.
The top performers in the Index this year are China, Mexico, Argentina and the UK.
The UK remains at the top of the G20 leaderboard for its long-term low carbon transition since 2000, decarbonizing at 3.7% per year. It has reduced emissions by 29% since 2000 while growing the economy by 34%.
The average 2.6% per year drop remains less than half of what is required to limit warming to two degrees. Not one country is on track this year with the decarbonization rate needed to achieve the Paris Agreement goal. Without a dramatic step up in decarbonization efforts, the report warns that at this rate the two degrees carbon budget will run out in less than 20 years.