Investment In Clean Technology Research Articles

Examining the Relationship between Air Quality and Respiratory Health in Urban Environments in Brazil

Purpose: The aim of the study was to examine the relationship between air quality and respiratory health in urban environments Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study on air quality and respiratory health in urban Brazil found that higher pollution levels were associated with increased respiratory diseases like asthma and COPD. Lower-income communities faced greater health risks due to poor air quality. The findings stress the importance of regulations and interventions to improve air quality and protect respiratory health in urban areas of Brazil. Unique Contribution to Theory, Practice and Policy: Environmental justice theory, the exposure-response theory & the social determinants of health theory may be used to anchor future studies on air quality and respiratory health in urban environments. Researchers should employ a combination of observational studies, longitudinal cohorts, and intervention trials to assess the impact of air quality on respiratory health outcomes in urban populations. Governments and policymakers should prioritize investments in clean energy technologies, sustainable transportation systems, and green infrastructure to minimize sources of air pollution and promote respiratory health in urban environments.

IFRS, financial development and pollutant emissions: an empirical analysis of developed and developing countries

PurposeThe purpose of this study is to examine the relationship between pollutant emissions, financial development and IFRS in developed and developing countries between 1998 and 2022.Design/methodology/approachData were obtained from World Development Indicators and World Governance Indicators of the World Bank.FindingsUsing FGLS and GMM estimators, the results provide evidence that financial development has a significant positive impact on a variety of pollutant emissions. However, this positive impact is moderated by IFRS for the overall sample and country income groups.Practical implicationsGovernments and regulatory organizations should support companies’ investments in clean energy and technologies to slow down environmental degradation. Tax credits and subsidies may be helpful to achieve this goal. Also, governments may encourage companies to cooperate with universities and research institutions to develop environment-friendly production and distribution methods to reduce pollution. Although stakeholders may obtain information about environmental issues in financial statements that are prepared in accordance with IFRS, there is a need for standardization of their contents.Social implicationsGreenhouse gases are major contributors to climate change and global warming. In addition to private costs borne by producers, the production and consumption of products have social costs arising from pollution that affects air, water, and soil. Pollution adversely affects people's physiological and psychological health, which decreases labor productivity, thereby leading to a decrease in economic growth. Originality/valueAccording to the author’s knowledge, this is the first study that examines the impact of IFRS on the relationship between financial development and pollutant emissions.

Adoption of renewable energy to phase down fossil fuel energy consumption and mitigate territorial emissions: evidence from BRICS group countries using panel FGLS and panel GEE models

The recognition of climate change as real and unprecedented has been acknowledged by global communities. Furthermore, fossil fuel energy consumption and territorial emissions are identified as major drivers of climate change. Data collected from the World Bank for BRICS (Brazil, Russia, India, China, and South Africa) group of countries for the period from 1990 to 2018, and analyzed using Panel FGLS and Panel GEE models, revealed an inverted U-shaped relationship between GDP per capita and its square with fossil fuel energy consumption in BRICS countries. However, this relationship was not observed with territorial emissions. It is indicated that the BRICS group of countries is making efforts to reduce fossil fuel energy consumption, but investment in green technology is insufficient to reduce territorial emissions. Therefore, it is recommended that climate policies need to be more aggressively implemented to support investment in clean and green energy technology.

Assessing the role of carbon pricing in global climate change mitigation strategies

Carbon pricing has emerged as a crucial policy tool in global efforts to mitigate climate change by internalizing the costs of carbon emissions and incentivizing emission reductions. This review provides an assessment of the role of carbon pricing in global climate change mitigation strategies. Carbon pricing mechanisms, including carbon taxes and emissions trading systems (ETS), have gained traction worldwide as governments seek effective ways to reduce greenhouse gas emissions. These mechanisms establish a price on carbon emissions, creating economic incentives for businesses and individuals to reduce their carbon footprint. The effectiveness of carbon pricing in mitigating climate change depends on various factors, including the stringency of pricing mechanisms, coverage of sectors and gases, and complementary policies and measures. Studies have shown that well-designed carbon pricing policies can lead to significant emission reductions while promoting innovation and investment in clean technologies. However, carbon pricing also faces challenges and limitations, including concerns about equity, competitiveness, and political acceptability. Distributional impacts on vulnerable populations and energy-intensive industries must be carefully addressed to ensure the fairness and effectiveness of carbon pricing policies. Furthermore, the success of carbon pricing depends on international cooperation and coordination, as emissions can easily shift across borders in response to pricing disparities. Global efforts to harmonize carbon pricing mechanisms and establish international carbon markets can enhance the effectiveness and efficiency of mitigation efforts. In conclusion, carbon pricing plays a crucial role in global climate change mitigation strategies by aligning economic incentives with environmental objectives. While it offers significant potential for reducing emissions and fostering the transition to a low-carbon economy, addressing challenges such as equity concerns and promoting international cooperation is essential for maximizing its effectiveness. By integrating carbon pricing into comprehensive climate policy frameworks, policymakers can accelerate progress towards a sustainable and resilient future.

Empirical evidence of emissions discourse related to food, beverage, and tobacco production in leading manufacturing nations.

The proliferation of carbon dioxide (CO2) emissions has resulted in significant environmental challenges worldwide, particularly within industrialized nations. The present paper tries to investigate the role of food, beverages, and tobacco in mitigating CO2 emissions in the top industrial countries. Economic growth and renewable and non-renewable energy consumption are integrated as control variable in the empirical model. The study applied the pooled mean group-autoregressive distributed lag (PMG-ARDL) model proposed by (J Appl Econ, 16:289-326, 2001) and Granger causality test for causalities directions. The empirical outcomes suggest the presence of cross-sectional dependence, and variables are integrated of order one and cointegrated. Long-run estimates revealed the presence of inversed U curve proving the validity of the environmental Kuznets curve. Also, the results show that renewable energy (RE) consumption contribute in reducing emissions, while non-renewable energy (NRE) and food, beverages, and tobacco (FBT) led to increase emissions level in the long run. Granger shows bidirectional long-run relationship between CO2 emissions, non-renewable energy, and economic growth. Moreover, Granger recorded no causality between food, beverages, and tobacco and any other variable. We recommend that firms engaged in the production of food, beverages, and tobacco products are increasingly urged to make investments in clean technologies powered by renewable energy sources for their manufacturing processes. This is considered a necessary step to achieve a significant reduction in CO2 emissions over an extended period.

Analyzing the load capacity curve hypothesis for the Turkiye: A perspective for the sustainable environment

Although it takes time to achieve a sustainable environment, this goal can be possible with the Sustainable Development Goals. The transition from gray energy sources to green in the 21st century is among the important policy goals of global economies. Since this process is long, countries focus on energy efficiency as part of their carbon reduction policies. In this context, this study investigates the impact of clean energy technologies on environmental quality in Turkiye. Using the load capacity curve (LCC) hypothesis, human capital, income, and natural resources are theoretically added to the balance model. The novel Augmented ARDL with Fourier terms approach is used in the empirical analysis. As a result of the analysis, the LCC hypothesis is valid, and income will support environmental quality after a certain level. While human capital increases environmental quality, natural resources bring environmental pollution. Finally, it is determined that clean energy technologies have not yet reached the level that enables carbon reduction. The finding that clean energy technologies are insufficient for Turkiye, as a result of empirical analysis, shows the uniqueness of this study. With our new findings, policymakers can take action for a sustainable environment. Since Turkiye has to ensure energy security due to its regional characteristics, it should increase investments in clean energy technologies. Based on empirical findings, clean energy technologies will gain momentum as policymakers support human capital.

Addressing the Global Food Security Crisis and Energy Shortages: Innovative Solutions and Policy Interventions for Sustainable Development

Food security crises and energy shortages are becoming increasingly pressing global challenges, exacerbated by rapid population growth and inexorable climate change. Land use conflicts, inefficiencies in food and energy systems, and impacts on biodiversity require breakthrough approaches for sustainable solutions. This research aims to investigate innovative solutions and policy interventions that can support sustainable development in overcoming this crisis. The research was conducted through a descriptive qualitative approach, with data obtained from relevant previous studies, and data analysis was carried out to identify patterns and potential solutions. The results of this research find that agricultural and energy policy reform, increased investment in clean technologies, strong international cooperation, and public education and awareness are the keys to achieving food and energy security. Innovations in sustainable agricultural technology and the development of renewable energy have proven vital in reducing dependence on fossil fuels and minimizing environmental impacts. Efficient management of water resources and food and energy systems that operate in a circular model is also important to maximize efficiency and reduce waste. Through the implementation of these strategies, global society can move towards more sustainable development, ensuring access to food and energy for all.

Environmental Regulation Design: Motivating Firms’ Clean Technology Investments With Penalties and Subsidies

The recently enacted Inflation Reduction Act (IRA) includes a number of incentive-based programs (e.g., tax credits) designed to motivate firms to develop new clean technologies for fighting climate change. However, the IRA also includes a fee firms incur for excessive methane emissions. This represents the first time the United States government has ever levied a fee on greenhouse gas emissions, and it raises an interesting research question—how should a budget-constrained regulator balance the use of both incentive and penalty-based levers for stimulating investment in clean technology development? In this paper, we examine a regulator’s optimal penalty and subsidy decisions for motivating firms to invest in clean technology development. We illustrate how the level of competitive intensity in the market can influence a budget-constrained regulator with multiple competing objectives—the environment, firm profits, and consumer welfare. We find that a subsidy is always beneficial, irrespective of the regulator’s objective. While imposing a firm penalty always benefits the environment, it always negatively impacts the sum of firm profits and consumer welfare. However, depending on the level of competition in the market, instances can occur where imposing a high penalty actually benefits total firm profits or consumer welfare (separately). Interestingly, a regulator that cares about all three dimensions of its objective equally, should always set the penalty to either its minimum or maximum value, depending on whether the environmental cost of the harmful product is high or low.

PREREQUISITES AND KEY MEASURES FOR THE IMPLEMENTATION OF SUSTAINABLE ENERGY INNOVATIONS IN CHINA

The article is devoted to the study of prerequisites, directions and measures to ensure China's energy transition. The purpose of the article is to study China's experience in ensuring the energy transition and identify key directions and policy initiatives for the implementation and development of sustainable energy innovations. It has been established that China is the world's largest energy consumer and in recent years has been characterized by continuous economic growth and acceleration of industrialization, development of the energy industry. The energy structure was analyzed and the dominance of coal production and consumption was determined – the first place in the world. The activity of green energy development has been revealed, but the share of clean energy sources in total energy consumption is still low. It was determined that the implementation of the principle of sustainable development and energy innovation is a priority for the further development of the Chinese economy. The key directions for ensuring the energy transition have been identified: diversified energy supply; green and low-carbon development; technological transformation and development. The dynamics of China's energy imports from 2013 to 2022 are analyzed. It was established that China ranked 17th in the Energy Transition Index in 2023, and for the first time entered the TOP-20 countries according to this ranking, which indicates the growing potential of China's energy transition. It analyzed the reasons for reducing energy consumption by 10,000 yuan of GDP from 2013 to 2022. In particular, it is notable that individual companies have reduced energy consumption and environmental pollution, promoting energy conservation, emission reduction and circular economy. It found that, along with the problem of high industrial emissions, China has become a leader in the adoption of clean energy technologies with investments in clean energy technologies exceeding US$650 billion per year. Key political initiatives contributing to the reduction of carbon dioxide emissions and the introduction of energy innovations are analyzed.

Explaining employment and environmental degradation nexus with environmental employment curve (EEC): A sector-wide threshold estimation for China

China is the world's largest emitter of carbon dioxide and has experienced significant economic growth in the last decade. The country also has significant employment capacity and has witnessed rapid economic growth in the recent years. This study aims to investigate the existence of the environmental employment curve (EEC) in China's main economic sectors. This study examines the relationship between carbon emissions, economic growth, energy consumption, renewable energy consumption and employment (industry, services, agriculture) in China over the period 1990–2020 using threshold autoregressive regression estimation. According to the EEC hypothesis, there exists an inverted U-shaped relationship between environmental pollution and employment rate. Empirical results show that the EEC hypothesis seems to hold in China. Further, an analysis of the impact of employment on environmental pollution in China's three main sectors – industry, service and agriculture – shows that the EEC hypothesis cannot be rejected in the industrial and the agricultural sectors. In addition, empirical results show that a 1% increase in energy consumption leads to a 0.92% increase in carbon emissions, while the use of renewable energy leads to a 0.18% decrease. These results suggest that investments in green energy transformation do not cause employment loss. Hence, it is important to drive policies that promote investments in renewable and clean technologies, stimulate research in renewable energy-related institutions and support public-private partnerships. Additionally, to generate employment without compromising on the environment or prosperity, policymakers should choose to implement alternative technologies that are less polluting or do not produce any carbon emissions.

Exploring the optimal threshold of FDI inflows for carbon-neutral growth in Africa.

This study investigates the relationship between foreign direct investment (FDI) and CO2 emissions in Africa, primarily emphasizing carbon-neutral growth. Employing advanced econometric methods like the Generalized Method of Moments (GMM), fixed effect, and Two-Stage Least Squares (2SLS), we identify critical threshold values for key variables, including economic growth, trade openness, human capital, financial development, inflation, and population growth. Our findings indicate that GDP significantly influences the FDI-CO2 emissions relationship as economies expand, shifting from negative to positive, potentially leading to increased carbon emissions. Higher trade-to-GDP ratios are associated with reduced CO2 emissions due to cleaner technologies and greener production practices. Additionally, financial development plays a pivotal role, enabling investment in sustainable technologies. Nations with a more skilled workforce are more likely to adopt sustainable practices. The influence of population growth on CO2 emissions is complex, balancing increased demand with investments in clean technologies. The study recommends that African policymakers prioritize FDI aligned with carbon-neutral growth by promoting sustainability, investing in human capital, and carefully balancing population growth with sustainability.

Chinas Carbon Neutrality Policies: Economic Impact on Corporations, Challenges, and Recommendations

The This paper delves into Chinas ambitious pursuit of carbon neutrality by 2060, aligning with the Paris Agreements global climate objectives, while acknowledging its status as the largest greenhouse gas emitter. The comprehensive analysis explores Chinas evolving policies aimed at achieving carbon peaking and emission reduction within its industrial and manufacturing sectors, crucial contributors to its emissions profile. These policies emphasize a shift towards green and low-carbon practices, necessitating multifaceted transformations in industrial structure, energy consumption, and technological adoption. The paper underscores the intricate challenges posed by global economic dynamics, technological uncertainties, and potential social impacts in Chinas carbon neutrality journey, particularly in establishing effective carbon penalties that strike the right balance between emissions reduction and economic stability. To address these challenges, the paper offers strategic policy recommendations, including talent attraction, research promotion, ESG investing, clean technology investment, and international collaboration, emphasizing interdisciplinary approaches and knowledge-sharing. In conclusion, Chinas commitment to carbon neutrality signifies a significant stride towards global climate action, and while challenges persist, the nation's resolute policies and collaborative endeavors hold the promise of a transformative and sustainable future for both its economy and the global environment.

Impacts of digitalization and societal changes on energy transition: a novel socio-techno-economic energy system model

The increased diffusion of information and communication technologies (ICTs) impacts daily life and economic growth. It introduces new social practices for households and business models for companies that influence society and energy infrastructure development. A framework capable of quantifying and analyzing the impact of digitalization on achieving energy and climate targets, with a focus on behavioral changes induced by ICT, is currently lacking. In this paper, a new framework is developed that is technology-rich and captures the preferences and behaviors of households and firms in the energy system to assess sustainable energy system configurations that are technically and socially feasible. The framework is designed and demonstrated for Switzerland. We find, for example, that teleworking in Switzerland reduces commuting demand by 10%, and the savings in transport expenses can favor the investment in efficient and clean residential technologies to compensate for the increased residential energy demand due to working at home. This manuscript contributes to the growing literature of suitable frameworks and case studies to account for the co-evolution of society and energy systems in achieving the transition to low-carbon economies.

"THE GREEN SHIPPING. STUDY ON REGULATIONS AND SUSTAINABLE OPTIONS FOR DECARBONISATION "

The maritime sector is responsible for more than 90% of world trade. This generates increasing international shipping fleet, that means significant contribution to environment pollution. In this context, appears the need for a cleaner maritime transport, a green one. The paper presents the concepts of “green shipping”, “eco-ship” and regulations that must be respected in relation to environment protection. This study highlights also the IMO’s regulations for green shipping, as IMO is the most important organization that support the reduction of greenhouse gas emissions from ships. The work examines briefly few options for decarbonisation in shipping, outlining the role of government policies, for huge investments in new and clean technologies and, also, in infrastructure for the production, distribution and utilisation of alternative marine fuels and biofuels.

EU HEADING FOR NET ZERO: REDEFINING THE EUROPEAN ENERGY MARKET

The European energy market plays a crucial role in the economic growth, security and sustainability of the EU as well as the European region. The imperative to combat climate change and achieve net-zero emissions has set the EU on a transformative path towards redefining its energy market. As the demand for energy continues to rise, it is vital to look into the challenges the European energy market faces, in order to analyze what positively af- fects the EU energy transition, and design the set of recommendations that foster competition, innovation, and environmental responsibility. This arti- cle outlines a comprehensive strategy to redefine and enhance the European energy market by addressing key challenges and leveraging opportunities for a sustainable and resilient energy future. While the EU has a significant opportunity to achieve the energy transition by 2050, sustained action is required from policymakers, industries, and citizens to address the chal- lenges. Strengthening the European energy market through robust policies, innovation, and inclusive engagement can lead to a sustainable, climate- neutral future, presenting not only an environmental imperative but also an opportunity for economic growth, job creation, and improved energy secu- rity. Collective efforts and steadfast commitment can propel the European energy market toward influencing global actions for a more sustainable and resilient planet for future generations. However, the transition is not with- out its challenges. Overcoming dependencies on fossil fuels, integrating intermittent renewable energy into the grid, securing adequate funding, and addressing social and economic impacts, especially for communities reli- ant on fossil fuel industries, require immediate attention. Technological ad- vancements, investments in clean energy technologies, and research and development efforts are vital for a successful transition. Global collabo- ration remains fundamental in addressing climate change effectively. The EU's continued engagement with other nations and the establishment of a cohesive global framework for combating climate change are crucial. Har- monizing regulatory and policy frameworks, implementing carbon pricing mechanisms, and promoting cross-border cooperation are essential for fos- tering a conducive environment for renewable energy investments and inno- vation. Additionally, engaging citizens and stakeholders through awareness campaigns, educational initiatives, and involving communities in renew- able energy projects are key components for successful energy transition.

Towards carbon-neutral world: The effect of renewable energy investments and technologies in G7 countries

Can renewable energy investments and technologies help achieve carbon neutrality goals? The answer to this question has been neglected until now due to a lack of data. The novelty of this study lies in its exploration of the influence of renewable energy investments and renewable energy technologies on reducing petroleum-derived carbon emissions for the first time in the Group of seven (G7) countries. An additional novel aspect of the study is to discuss how governance indicators, such as regulatory quality, political stability, and democracy, can influence the carbon neutrality targets of the G7 nations. To this end, the study applies second-generation panel data methods, such as the cross-sectionally augmented Dickey-Fuller unit root test, the Durbin-Hausmann panel cointegration test, and the panel augmented mean group estimator. The findings illustrate that renewable energy investments and technologies help reduce carbon emissions in different models. Additionally, while economic growth is beneficial to the environment, governance indicators have no effect on carbon emissions. Overall, the outcomes suggest that G7 countries should increase their investments in renewable energy and support clean technologies to achieve their carbon neutral targets. The study also points out that reducing oil consumption by promoting renewable energy technologies and investments is a critical step toward carbon neutrality for G7 policymakers.

The role of financial markets in the energy transition: an analysis of investment trends and opportunities in renewable energy and clean technology.

The crucial role that financial markets have played in accelerating the shift to clean energy and renewable sources of energy is examined in this article. Thus, we built global essential mineral trade networks from 1999 to 2020 using a complex network technique to analyze their topological properties quantitatively. The impact of crucial mineral trade patterns on the growth of renewable energy is then examined using the dynamic econometric model, along with the mediating function of technological advancement in renewable energy. It analyzes investment patterns and possibilities in various industries while underlining the critical role that financial systems play in determining the speed and scope of the change. The research uses data from reliable sources and thoroughly analyzes the body of current literature. The data shows that investments in clean technologies and renewable energy have significantly increased recently. This increase may be ascribed to several causes, including favorable governmental regulations, falling renewable energy technology prices, and rising environmental consciousness among the general people. Venture capital, private equity, public markets, and specialist funds are just a few examples of financial markets that have been instrumental in directing funding to these industries. The report also reveals a change in how money is invested in the energy industry, with conventional investments in fossil fuels declining and investments in renewable energy growing significantly. The profitability and appeal of renewable energy projects, which are now competitive with traditional energy sources, are driving this transformation. The report also identifies new investment possibilities in clean technology, including smart infrastructure, grid modernization, and energy storage. Due to their potential to improve the effectiveness, dependability, and sustainability of energy systems, these areas are expanding. The results highlight the need to establish long-term stability and incentives for investment in the clean technology and renewable energy industries. Government assistance has considerably aided investor confidence, including carbon pricing systems, tax incentives, and subsidies for renewable energy sources. This analysis emphasizes how critical financial markets are to accelerating the energy transition. Financial markets may hasten the transition to a sustainable energy system by directing investments into clean technologies and renewable energy industries. To take advantage of the investment possibilities given by the energy transition, policymakers, investors, and industry stakeholders must work together.

How economic development promotes the sustainability targets? Role of natural resources utilization

Economic growth is essential to accomplishing sustainability goals. It is still being determined how natural resource consumption affects this connection. This study examines how natural resource exploitation links economic growth to sustainability goals. This research examines economic growth, natural resource use, and sustainability goals. We use the Generalized Method of Moments (GMM) model to explore China from 2009 to 2021. The GMM model examines how natural resource exploitation affects sustainability metrics, including greenhouse gas emissions, renewable energy uptake, and environmental quality. Technological advances, clean technology investment, and legislative frameworks also affect economic growth. This research illuminates the intricate link between economic growth, natural resource usage, and sustainability objectives. The findings emphasize the need for natural resource management for sustainable economic development and environmental protection. Understanding how natural resource consumption promotes sustainability may inform policy choices and assist in building solutions that boost economic growth while protecting the environment. This research adds empirical information on the relationship between China's economic development, natural resources, and sustainability objectives. This study helps policymakers, academics, and practitioners promote sustainable development and meet sustainability goals by explaining how natural resource consumption influences sustainability.

Does green credit financing mode with cap‐and‐trade scheme really benefit all members?

AbstractThere is a never‐ending debate about whether the cap‐and‐trade mechanism is a valid means of achieving carbon reduction. In this study, we examine it from the perspective of supply chain financing, as the cap‐and‐trade scheme appears to be an excellent solution to avoid the carbon emission requirements imposed by green credit financing services. We develop a theoretical framework for comparing three distinct kinds of financing modes: bank credit financing, green credit financing, and green credit financing with a cap‐and‐trade scheme. Based on Stackelberg game with stochastic demand, we then derive optimal outputs for the manufacturer and wholesale prices for the supplier. Counterintuitively, the green credit financing mode is less profitable for manufacturers with low investment in clean production due to stringent carbon emission requirements, yet it is advantageous for the supplier through a higher wholesale price. Conversely, the green credit financing combined with cap‐and‐trade scheme will result in a different situation in which the manufacturer will benefit from the green credit's lower interest rate, but the cap‐and‐trade mechanism will diminish the supplier's power in the Stackelberg game and reduce her profits. Finally, from the perspective of social welfare, the green credit financing mode with cap‐and‐trade scheme will not always benefit for the whole society. Even though it can improve the profit of the manufacturer and consumer surplus, it may lead to higher carbon emission and reduce profits of the supplier when the investment in clean production technology is limited.

Deep decarbonisation pathways of the energy system in times of unprecedented uncertainty in the energy sector

Unprecedented investments in clean energy technology are required for a net-zero carbon energy system before temperatures breach the Paris Agreement goals. By performing a Monte-Carlo Analysis with the detailed ETSAP-TIAM Integrated Assessment Model and by generating 4000 scenarios of the world's energy system, climate and economy, we find that the uncertainty surrounding technology costs, resource potentials, climate sensitivity and the level of decoupling between energy demands and economic growth influence the efficiency of climate policies and accentuate investment risks in clean energy technologies. Contrary to other studies relying on exploring the uncertainty space via model intercomparison, we find that the CO2 emissions and CO2 prices vary convexly and nonlinearly with the discount rate and climate sensitivity over time. Accounting for this uncertainty is important for designing climate policies and carbon prices to accelerate the transition. In 70% of the scenarios, a 1.5 °C temperature overshoot was within this decade, calling for immediate policy action. Delaying this action by ten years may result in 2 °C mitigation costs being similar to those required to reach the 1.5 °C target if started today, with an immediate peak in emissions, a larger uncertainty in the medium-term horizon and a higher effort for net-zero emissions.