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This report is the result of a joint analysis by the Frankfurt School-UNEP Collaborating Centre, the United Nations Environment Programme (UNEP) and Bloomberg New Energy Finance (BNEF). The science is clear: climate change is happening; the effects are widespread and consequential; the risks to lives, infrastructure and sustainable development are increasing daily. Urgent action is necessary to reduce emissions and promote sustainable lowcarbon growth. Renewable energy is a key element of this transformation.