Comprehensive policy action is needed to put emissions on a downward path

While most OECD countries have set ambitious climate targets, policies currently in place are likely to be insufficient to put greenhouse gas emissions on a downward path before 2030, making the goal of net-zero emissions by mid-century challenging to attain. Reaching decarbonisation by mid-century will require structural changes across the economy, notably through substantial reallocation of workers and capital from emission-intensive activities towards greener activities.

Governments should combine pricing, regulations and investments to effectively reduce emissions. Pricing mechanisms can be enhanced by expanding coverage and making prices uniform across sectors and energy sources. In parallel, both private and public investments in clean energy need to accelerate, while regulations and standards should encourage emission reduction.

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