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UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.

Driving the news: For the report, 113 countries, including the United States, submitted new pledges that would add up to a 12% decline in emissions by 2030 compared with 2020 levels.

  • But dozens of countries, including China, India and Saudi Arabia, didn't make any new formal commitments.

The big picture: Taken together, the current climate pledges made by all 191 signatories of the Paris climate accord would result in a 16% increase in emissions over 2010 levels.

  • The report indicates that the world must sharply increase efforts to curb emissions to meet the chief goal of the Paris accord, which calls for warming to be limited to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels.

What they're saying: "Today’s report ... shows that the world is on a catastrophic pathway to 2.7-degrees of heating," UN Secretary-General António Guterres said in a statement.

  • "This is breaking the promise made six years ago to pursue the 1.5-degree Celsius goal of the Paris Agreement. Failure to meet this goal will be measured in the massive loss of lives and livelihoods."
  • The UN chief added that the world has "the tools to achieve this target. But we are rapidly running out of time."

The bottom line: "It is time for leaders to stand and deliver, or people in all countries will pay a tragic price," he said.

Go deeper: UN climate summit warning signs are adding up

Go deeper

Report: Climate change is an "emerging threat" to U.S. economic stability

A firefighter watches an airplane drop fire retardant ahead of the Alisal fire near Goleta, California, on Oct. 13. Photo: Luis Sinco/Los Angeles Times via Getty Images

A top U.S. financial coordinating organization took several steps on Thursday to manage the growing risks that climate change poses to the U.S. financial system.

Why it matters: While the Biden administration has been taking an all-of-government approach to climate change, like factoring climate risk into planning at the Treasury Department, today's moves by the politically independent Financial Stability Oversight Council (FSOC) carry significant weight.

New Zealand passes "world-first" climate change disclosure law for banks

Commerce and consumer affairs minister David Clark and Prime Minister Jacinda Ardern at Parliament in Wellington, New Zealand, in 2018. Photo: Mark Tantrum/Getty Images

New Zealand passed a "world-first" law requiring financial institutions to disclose and act on climate change impacts concerning their businesses, officials announced Thursday.

Why it matters: About 200 of the "largest financial market participants in New Zealand" will have to "disclose clear, comparable and consistent information about the risks, and opportunities, climate change presents to their business," per a statement from commerce and consumer affairs minister David Clark.

Fossil fuel executives to testify at "landmark" hearing focused on climate disinformation

An oil flare at a BP plant in Whiting, Indiana. Photo: Luke Sharrett/Bloomberg via Getty Images

The House Committee on Oversight and Government Reform announced on Friday it will hold a "landmark" hearing next week with fossil fuel executives focused on the industry's role in spreading climate disinformation.

Why it matters: This is the first time oil company CEOs, and the head of their main trade group, will testify under oath about their knowledge of the link between burning fossil fuels and climate change, per Axios' Andrew Freedman.