Carbon budget

"A carbon budget is like a household budget. You only have so much money to spend. How you choose to spend and invest your money will determine the available budget for your retirement and the legacy you provide for future generations."

"… as we remake our economies to stay within our global carbon budget, we need to see less consumption (except among the poor), less trade (as we relocalize our economies), and less private investment in producing for excessive consumption. These reductions would be offset by increased government spending, and increased public and private investment in the infrastructure and alternatives needed to reduce our emissions to zero. Implicit in all of this is a great deal more redistribution, so that more of us can live comfortably within the planet’s capacity."

"If present climate-change trends continue, the “global carbon budget” associated with a 2°C increase in average global temperature will be broken in sixteen years (while a 1.5°C increase in global average temperature—staying beneath which is the key to long-term stabilization of the climate—will be reached in a decade). Earth System scientists warn that the world is now perilously close to a Hothouse Earth, in which catastrophic climate change will be locked in and irreversible. The ecological, social, and economic costs to humanity of continuing to increase carbon emissions by 2.0 percent a year as in recent decades (rising in 2018 by 2.7 percent—3.4 percent in the United States), and failing to meet the minimal 3.0 percent annual reductions in emissions currently needed to avoid a catastrophic destabilization of the earth’s energy balance, are simply incalculable. Nevertheless, major energy corporations continue to lie about climate change, promoting and bankrolling climate denialism—while admitting the truth in their internal documents. These corporations are working to accelerate the extraction and production of , including the dirtiest, most -generating varieties, reaping enormous profits in the process. The melting of the Arctic ice from global warming is seen by capital as a new , opening up massive additional oil and gas reserves to be exploited without regard to the consequences for the . In response to scientific reports on climate change, Exxon Mobil declared that it intends to extract and sell all of the fossil-fuel reserves at its disposal. Energy corporations continue to intervene in climate negotiations to ensure that any agreements to limit carbon emissions are defanged. Capitalist countries across the board are putting the accumulation of wealth for a few above combatting climate destabilization, threatening the very future of humanity."

"This target is not sufficient to protect the future for children growing up today. If the EU is to make its fair contribution to stay within the carbon budget for the 2C limit then it needs a minimum of 80 percent reduction by 2030, and that includes aviation and shipping... There is simply not enough time to wait for us to grow up and become the ones in charge."

"Leaders should be telling the truth: that we are facing an emergency and we are not doing nearly enough. We need to prioritise the action that needs to be taken right here and right now, because it is right now that the carbon budget is being used up. We need to stop focusing on goals and targets for 2030 or 2050... We need to implement annual binding carbon budgets today."