Reaching a global net-zero carbon economy by 2050 is possible, but will cost around $1-2 trillion of additional investments per year, a new study revealed on Wednesday.
According to the Energy Transitions Commission (ETC), the world can and must achieve net-zero greenhouse gas emissions by mid-century. However, “zero must mean zero” with no permanent reliance on negative emissions to balance continued energy and industrial emissions, it added.
The Making Mission Possible report states a carbon-free economy can be achieved by taking three steps. But additional investments are required in the order of $1-2 trillion per year, equivalent to 1% to 1.5% of global GDP, Kallanish Energy reports.
It recommends lower usage of energy, by improving energy efficiency particularly in developing economies; scaling up clean energy provision by building “massive” generation capacities; and using clean energy across all sectors of the economy, electrifying buildings, transport and industry, and using technologies such as hydrogen, biomass and carbon capture in sectors that can’t be electrified.
ETC defends electrification should be the primary route to decarbonization. “Action in the next decade is crucial – otherwise it will be too late,” said ETC Co-chair Adair Turner.
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