The measures, translating ambitions to actions, implementing the commitments of the previous COP conferences and delivering on the financing pledge for financial resources to fund climate change activities, the ETC said were crucial to combat climate change and meeting the target of limiting global warming by 1.5 degrees Celsius.

This is contained in a report released by the ETC on Wednesday, a global organisations to support the transition to cleaner energy, ahead of the COP27, as part of contributions to combat climate change.

The report titled “Degree of Urgency: Accelerating Action to Keep 1.5°C on the Table,” stressed that closing the ‘ambition gap’ through more ambitious country targets, with strengthened nationally Determined Contributions which reflect both country specific actions and the potential impact of sectoral commitments agreed at Glasgow, would go a long way to help combat change.

“Closing the implementation gap via targeted policies and company actions to drive further real-world progress across six critical sectors (methane, deforestation, power, road transport, heavy industry, and energy efficiency),” was critical to tackling the menace of climate change, the report, said.

It said at least a total of $300 billion per annum could be required to support early coal phase-out, and end deforestation.

“If the world is to have even a 50-per cent chance of meeting that objective, COP27 must act as a catalyst to turn broad national commitments into specific actions and pave the way to more forceful measures to phase-out coal and end deforestation,” it said.

Commenting on the report, the Chairman of ETC, Adair Turner said “Despite the current global economic and political challenges, we must keep focused on the global crises presented by climate change.

Each 0.1 °C rise above 1.5°C will have a hugely significant impact.  Many of the actions needed to build greater energy security could also drive a faster transition to a more resilient and stable low-carbon economy. Both full implementation of COP26 commitments and further progress at COP27 are therefore essential if the world is to have a 50-50 chance of limiting global warming.”

The UN Climate Change High-Level Champion for the UK, Nigel Topping said “The ETC highlights critical actions for nations and companies if the world is to stand any chance of limiting global warming to 1.5°C. Rallying global leadership is at the heart of the Race to Resilience and the Race to Zero campaigns; and the ETC’s recommendations demonstrate that it is technically and economically feasible to get us back on track through the power of collaboration. Momentum-building is one thing, but it is now crucial that we pivot to rapid delivery for what’s left of the 2020s.”

“In the year since COP26 where national priorities have appeared to drift away from climate, a stocktake of progress on the ground reveals a mixed picture. Rollout of renewables and electric vehicles is rapid and rising, and there is also optimism around progress in heavy industry and progressing energy efficiency.

However, this alone is not enough and progress is urgently required in reducing methane emissions, early coal phase-out and ending deforestation,” said Mike Hemsley, Deputy Director.