Fitch: Steps towards decarbonizing global economy are too slow

Fitch Ratings warned in a report today, Wednesday, that steps towards decarbonizing the global economy are too slow, and that while major advanced economies have improved, emerging markets have not been able to reduce carbon.

The report said that global carbon dioxide emissions rose 1.8% last year, with global GDP growing 2.9%.

The report added that the ratio of emissions to GDP fell by just over one percent, which is broadly in line with the average annual decline over the past 25 years, and far below the annual decline required from 2020 to 2030, which is eight percent to achieve net zero goals by 2050.

Fitch considered the lack of progress in decarbonization in emerging markets to be particularly worrying, given their faster GDP growth and higher share of global energy consumption.

It pointed out that one of the reasons for the weak performance is the lack of investment in clean energy projects, especially in emerging markets, with the exception of China.