A new research has revealed that the currently proposed climate policy pledges are an important step forward but have fallen short of 2 degrees Celsius, with 1-1.5 degree Celsius less total warming.
The study that was conducted by a team of six European research institutions used six different modeling tools. Researcher Massimo Tavoni said, "Under the proposed commitments, cumulative CO2 emissions in China would be reduced by half and yet, together with those of the other Asian economies they would exceed the total emission budget compatible with 2 degree Celsius - about 1000 Gigatons CO2. Reducing emissions while limiting costs requires significant contribution from developing countries, which could create unfair distribution of costs. Compensatory measures could address these."
The study suggested that financial support in the order of 100-150 billion US dollar per year by 2030 could achieve efficiency and cover the total investments in low carbon technologies needed in developing countries for the 2 degree Celsius target. Fiscal revenues from instruments such as carbon taxes could also cover the clean energy investment gaps.