In a new report, the United Nations’ Intergovernmental Panel on Climate Change says continued emissions of greenhouse gases "will cause further warming and long-lasting changes in all components of the climate system, increasing the likelihood of severe, pervasive and irreversible impacts." Unveiling the findings, panel chair Rajendra Pachauri said: "If you look at the total carbon budget to ensure that temperature increase by the end of this century will not exceed two degrees Celsius, we’ve already used up a substantial share of this. What’s remaining for us is only 275 gigatons of carbon."
To keep global warming below the target level of two degrees Celsius, the U.N. climate panel says the world must keep fossil fuel emissions to around one trillion tons of carbon dioxide. At current emissions rates, that amount will be reached in just 30 years, maybe even less. Less than $400 billion a year is being spent to reduce emissions or adapt to climate change. By contrast, energy corporations are spending over $600 billion to find new sources of CO2 extraction, and governments are spending that same amount on subsidizing fossil fuel consumption. The IPCC’s report is its fifth and final assessment on climate change ahead of global negotiations in Paris next year.