A world facing catastrophic climate change is perilously off course in meeting goals for slashing carbon pollution and boosting finance for the developing world, according to the U.N.'s first official progress report out Friday.

The 2015 Paris treaty has successfully driven climate action, but "much more is needed now on all fronts," said the report, which will underpin a crucial climate summit in Dubai at the end of the year.

"The world is not on track to meet the long-term goals of the Paris Agreement," including capping global warming at 1.5 degrees Celsius above mid-19th century levels, the report said.