ESG Weekly Update – November 2, 2022

On October 26, 2022, the United Nations Climate Change Conference secretariat released a report assessing nationally determined contributions ("NDCs") under the Paris Agreement as of September 23, 2022. NDCs are countries' climate action plans to cut emissions and adapt to climate impacts. Each party to the Paris Agreement is required to establish an NDC and to update it every five years.

The report estimated that total greenhouse gas ("GHG") emissions in 2025 will be around 53.7% higher than in 1990 and 12.6% higher than in 2010. By 2030, emissions are expected to be 50.8% higher than in 1990 and 10.6% higher than in 2010.

The report notes that projections of global mean temperatures are uncertain, but the best estimate of the global temperature increase between pre-industrial times and 2100 is in the range of 2.1°C to 2.9°C, materially in excess of the Paris Agreement goal of limiting global warming to 1.5°C.