With the world falling significantly short of its 2015 commitment to mitigate global warming, a new United Nations report, central to upcoming climate negotiations, outlines the speed and depth of change needed in energy and financial systems to regain a safer environmental trajectory.

The report, released on Friday, emphasizes that the window of opportunity to secure a livable and sustainable future is rapidly closing. To achieve this, the world must reduce its emissions of heat-trapping gases by 43 percent by 2030, compared to 2019 levels, and by 60 percent by 2035. This requires a phased-out reliance on unabated fossil fuels, including measures such as phasing out internal combustion engines.

Furthermore, the report recommends changes in financial flows, including investments, subsidies, loans, grants, and payments for those impacted by extreme weather events due to climate change. Specifically, it calls for an end to $450 billion in annual subsidies for coal, oil, and natural gas.

The report stresses the importance of halting and reversing deforestation and adopting sustainable crop-growing practices. It highlights that while 95 percent of deforestation occurs in tropical regions, global consumers are driving this loss of trees.

The report underlines the urgency to disrupt the status quo and move from ambition to concrete action in addressing climate change. It emphasizes the need for transformational changes in multiple systems.

Former US Vice President Al Gore commented on the report's findings, noting that it highlights a failure not due to a lack of solutions but rather a failure to implement them.

These developments coincide with a meeting of leaders from the world's top 20 economies, responsible for 80 percent of global greenhouse gas emissions, in India. UN Secretary-General Antonio Guterres urged swift action on climate change, citing the worsening climate crisis.

The Paris Agreement, established in 2015, aimed to limit global warming to 1.5 degrees Celsius above pre-industrial levels. However, Earth has already warmed by about 1.1 degrees Celsius since the mid-1800s. The report emphasizes the need to act swiftly to limit warming to 1.5 degrees Celsius, as this window of opportunity is also rapidly closing.

This report serves as a critical assessment and roadmap for global climate efforts and will shape discussions at the upcoming climate negotiations in Dubai this December. It provides a clear direction for taking decisive action in this crucial decade to meet the Paris Agreement's expectations and reduce emissions by 43 percent by 2030.