FinSoul has recently become aware of a newly released report by global accounting company, PriceWaterhouseCoopers which indicates that the planet is already far above the “budget” for total emissions for avoiding the worst of climate change.
Globally, the report says, the world has emitted roughly the annual carbon emissions of China and the U.S. combined, above the budgeted total of 1,300 billion tons of CO2 for the period 2000-50.
"For 2000-08, the cumulative global budget overshoot, or 'carbon debt', is estimated at around 13 billion tons of carbon dioxide -- roughly equivalent to the annual carbon emissions of China and the United States combined in 2008," FinSoul believes the report shows.
The PwC head of macroeconomics is quoted as having said that if the globe stays on its present path the entire carbon budget will be used up by around 2034, a good 16 years earlier than was hoped for.
The report highlighted that almost all major nations were falling behind in the drive for low carbon growth, even including the EU nations that have established climate policies and the benchmark system for carbon trading.
It is hoped that the Copenhagen climate conference will go a long way to work out a new U.N. pact to curb rising emissions
