Reaching net-zero greenhouse-gas emissions by 2050 will require G20 economies to accelerate their low-emissions investments this decade, an analysis by senior partners Rajat Dhawan and Amit Khera and colleagues finds. G20 economies emit 31 gigatons of CO2 annually. Staying on track to reach net zero will require the highest-income countries to make the most significant cuts to their emissions.
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An animated hollow pie chart shows CO2 emissions in gigatons for the G20 economies in 2020 and goals for 2030, with a breakdown by country, totaling 31.0. China holds the largest single share, at 12 gigatons, followed by the US at 4.4, and the EU at 2.8. When the animation rotates to the year 2030, it shows a total reduced-emissions target goal of 15.6 gigatons, with a breakdown of the reduction percentage required of each country to meet that goal. In this scenario, China would need to reduce emissions by 63% to 4.5 gigatons, the US by 56% to 2.0, and the EU by 55% to 1.3.
Footnote 1: Outcomes for the EU include those for France, Germany, and Italy.
Footnote 2: Target reduction for China means the optimal theoretical net-zero pathway, and not a policy expectation.
Source: NGFS; Oxford Economics; update to the McKinsey Global Institute report, “The net-zero transition: What it would cost, what it could bring,” McKinsey Global Institute, Jan 2022.
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To read the report, see “Driving sustainable and inclusive growth in G20 economies,” August 25, 2023.