Pre- and post-pandemic climate and natural capital cooperation FIGURE 9 1.002022-23 average 0.600.90 0.80 0.701.101.201.60 1.301.401.501.70 2018-19 average0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20Climate ﬁnance has outperformed pre-pandemic trend, but progress in reducing emissions has lagged Index averages 45° line, where 2022-23 average = 2018-19 averageClimate ﬁnance (mitigation) Trade in low-carbon goodsMarine protected areaClimate ﬁnance (adaptation) Emissions intensity Terrestrial protected areasOcean Health Index EmissionsHigher post-2020 Lower post-2020 Sources: International Monetary Fund (IMF), Climate Policy Initiative (CPI), Organizational Health Index (OHI), Protected Planet, United Nations Environment Programme (UNEP), McKinsey & Company analysis.of economic output). For example, solar and wind deployment moderated coal and gas demand for power generation, while the deployment of electric vehicles (EVs) led to less oil demand than would have otherwise been observed.40 These trends continued in 2024, with continued growth in the deployment of EVs (including a 25% year-on-year increase in the first half of 2024) and renewable energy (including a 36% year-on-year increase in the first half of 2024).41 Importantly, despite this progress, the world continues to be far from what would be required for a net-zero scenario. Absolute greenhouse gas (GHG) emissions grew in 2023 and are on track to set yet another record high in 2024.42 By some estimates, only around 10% of the required deployment of low-emissions technologies to meet climate goals has been achieved – and further progress would require more global cooperation, including more flows of trade and capital.43 For example, clean technologies, such as solar, wind and EVs, rely on well-functioning flows of critical minerals.44 Measures of cooperation relating to natural capital were mostly flat – including terrestrial protected areas and the ocean health index – or even declined last year, including marine protected areas (down by 1.3%). Looking ahead, though elements of climate and nature cooperation may continue on a positive trajectory, protectionist policies in key economies may set back efforts to reach net zero by 2050. These challenges to advancing a global climate agenda should not be used as an excuse to delay other efforts in the near term, particularly scaling up carbon trading mechanisms, investing in green technologies and securing the additional financing needed to meet climate targets.45 The Global Cooperation Barometer 2025 Second Edition 17