Governments around the world have been called to join hands to halve global emissions by 2030.
Without immediate and deep emissions reductions across all sectors, limiting global warming to 1.5°C is beyond reach.
This formed part of the latest Intergovernmental Panel on Climate Change (IPCC) report released Monday.
Since 2010, there have been sustained decreases of up to 85% in the costs of solar and wind energy, and batteries.
An increasing range of policies and laws have enhanced energy efficiency, reduced rates of deforestation and accelerated the deployment of renewable energy.
“We are at a crossroads. The decisions we make now can secure a liveable future. We have the tools and know-how required to limit warming. I am encouraged by climate action being taken in many countries. There are policies, regulations and market instruments that are proving effective. If these are scaled up and applied more widely and equitably, they can support deep emissions reductions and stimulate innovation.”Hoesung Lee, IPCC Chair
The report also stated that reducing emissions in industry will involve using materials more efficiently, reusing and recycling products and minimizing waste.
For basic materials, including steel, building materials and chemicals, low- to zero-greenhouse gas production processes are at their pilot to near-commercial stage.
This sector accounts for about a quarter of global emissions. Achieving net zero will be challenging and will require new production processes, low and zero emissions electricity, hydrogen, and, where necessary, carbon capture and storage.