UN says 66 nations committed to cutting carbon emissions by 2050

The UN said on Monday that 66 countries have signalled their intent to achieve net zero carbon dioxide emissions by 2050, seen as a vital goal in preventing a catastrophic longer-term climate crisis.

"In terms of the 2050 group, 66 governments are joined by 10 regions, 102 cities, 93 businesses and 12 investors — all committed to net zero CO2 emissions by 2050," the office of UN Secretary-General Antonio Guterres said in a statement.

"The climate emergency is a race we are losing, but it is a race we can win," he said.

Countries announced commitments to carbon reduction targets under the Paris Agreement of 2015, and are now expected to update their "nationally determined contributions" by 2020.

The World Bank, Inter-American Development Bank, and non-profit Conservation International are releasing an additional $500 million to protect tropical rainforests, including the Amazon, the French presidency said on Monday.

The UN published a report on the eve of the summit that said the five-year period ending 2019 was set to be the hottest ever, the latest grim reminder that climate change is already a reality.

The UN estimates the world needs to increase its current efforts five-fold to contain climate change to the levels dictated by science – a rise of 1.5 degrees Celsius by the year 2100 to avoid escalating climate damage.