The Climate Action Tracker guide to a good climate target

Climate Action Tracker | Guide to a good 2035 climate target i ELEMENT ONE Ambition Governments need to switch to emergency mode and revise both their 2030 targets and current policies to include substantial emissions cuts and significantly contribute to closing the 2030 emission gap if the world is to have a significant chance of limiting warming to 1.5°C. [...] To date, the redirection of private sector finance remains inadequate, and the mobilisation of multilateral development bank support is also insufficient to provide backing for developing countries to make the required investment and provide an enabling environment for the private sector to cover the lion’s share of investments needed for the energy transition. [...] And given the scaling up of fossil fuel resource development, particularly fossil gas and LNG, the evidence does not yet support the “beginning of the end” of the fossil fuel era, at least from the supply side. [...] Brazil, the 17th largest fossil fuel exporter in 2022, continues to invest in fossil fuel production and has earmarked a significant share of its budget for “energy transition and security” for the oil and gas industries, mainly for the production and development of these fossil fuels. [...] Although the government recently announced plans to significantly increase the share of renewables and, despite the global downtrend in fossil fuel financing, Azerbaijan remains committed to supplying gas to partner countries in the future, in particular to the EU.