Global surface temperatures are likely to be 1.5 C higher than pre-industrial levels by 2040 under every scenario the Intergovernmental Panel on Climate Change considered. Limiting further warming requires the world to achieve net-zero emissions for carbon dioxide and cut other greenhouse gases, the report states. (The Logic)

Talking point: In response to the report, UN Secretary General António Guterres called for governments to “end all new fossil fuel exploration and production, and shift fossil fuel subsidies into renewable energy.” He also sought the backing of businesses for a baseline price on carbon, citing the financial risks of climate change. Canada has set a target of achieving net-zero emissions by 2050, and in December 2020, the Liberal government unveiled a $15-billion plan to achieve that target. It includes a now-$8-billion fund that will back large industrial emitters’ efforts to decarbonize. It’s also promised a tax credit for carbon capture, use and storage. Some climate groups have called for the federal government to adopt more ambitious policies in line with those of the Biden administration.