Globally, average temperatures passed 1.5˚C above pre-industrial levels for the first time in 2024.[1] While this does not automatically indicate that the Paris Agreement’s target of ‘pursuing efforts to limit the temperature increase to 1.5˚C above pre-industrial levels’ has been exceeded, it is a stark reminder of the urgency of our climate crisis. The Paris Agreement’s target is based on a multi-year average, meaning that a single year’s data does not define the overall trend.
However, the continued increases in global emissions paint a concerning picture.
Last year alone, there was a 2% increase in total carbon dioxide emissions[2] compared to 2023. To remain below the 1.5˚C target, emissions must peak in 2025 at the latest. Given current trends, this seems increasingly unlikely. This means that the Paris Agreement’s 1.5˚C pre-industrial levels threshold is likely to be exceeded and limiting warming to 2°C above pre-industrial levels would require a substantial escalation in mitigation efforts during 2030 to 2050.[3]
Australia has not been immune to these changes. To date, our country has warmed by approximately 1.5˚C since national records began in 1910 and most years are now warmer than any year in the 20th century.[4] This warming has brought about significant changes in the climate, including more frequent and intense periods of extreme heat, heavier rainfall, changes in seasonal weather patterns and increased fire weather.
As the climate continues to warm, we can expect to see even more severe impacts. Higher temperatures and rainfall intensity are likely, along with an increase in fire weather, continued decrease of average cool season rainfall across the south and east coast, longer lasting marine heatwaves impacting coral reefs and marine ecosystems and increased intensity of – but likely fewer – cyclones.
The science is clear: the question is how governments, corporates, individuals and others will respond.
Earth System Science Data, 2024. Global Carbon Budget. Source: https://essd.copernicus.org/preprints/essd-2024-519/
IPCC, 2023: Sections. In: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. Source: https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_LongerReport.pdf
CSIRO, 2024. State of the Climate Report. Source: https://www.csiro.au/en/research/environmental-impacts/climate-change/State-of-the-Climate/Report-at-a-Glance
To learn more about climate governance and reporting trends in 2024 across other ASX50 sectors, click on the relevant sector below:
Otherwise, for further advice on navigating the Australian mandatory reporting regime, please contact a member of the King & Wood Mallesons or Owl Advisory team.
