German economists warn of falling behind climate targets-Xinhua - 新华网

FRANKFURT, Nov. 5 (Xinhua) -- The world is making progress on climate protection at so slow a pace that it will miss its climate targets unless progress accelerates, according to a study published by German economists on Thursday.

At the current pace, the world would not reach climate neutrality until 2064, 14 years later than the 2050 target, economists at the German Insurance company Allianz said in their "Green Transition Tracker 2026" report.

While the European Union (EU) continues to lead in emissions reduction, the pace has slowed. The EU is expected to be climate neutral by 2057 and Germany by 2051, the report showed.

"The goal of limiting global warming to 1.5 degrees Celsius is therefore practically unattainable," said the report.

Despite political headwinds in countries such as the United States, 56 of the 65 economies assessed made progress toward their climate targets, the study found.

The year 2025 witnessed a turning point at which the share of renewable energies in global electricity generation surpassed that of coal and stood at 33.5 percent, according to the report.

The rise in oil and gas prices due to geopolitical tensions is driving up the sales of electric cars and solar panels. The Allianz economists calculated that global fossil-fuel CO2 emissions could decline slightly by 0.5 percent this year. ■