According to a recent report by the International Energy Agency (IEA), the world can achieve Net Zero emissions by 2050, but it will necessitate significant changes.
To combat climate change, cities and corporations all around the world are establishing goals to drastically reduce their greenhouse gas emissions.
These goals and commitments are frequently linked to a goal of achieving Net Zero emissions by a specific date in the future.
Simply described, this entails balancing emissions created by an organization’s operations and supply chain with pollutants removed from the atmosphere.
Achieving Net Zero necessitates a concerted effort involving many elements of the organization.
What may appear onerous may be broken down into strategic and manageable transformation routes that begin with analytics, progress to solution development, and conclude with change implementation.
Is it possible to achieve net zero emissions by 2050? Yes, according to a new study, but we’ll need to make some significant changes.
By 2050, about 90% of the world’s electricity will have to come from renewable sources, with solar and wind accounting for 70% of that.
Electricity generation will require the most investment over the next decade, with annual investment rising from around $0.5 trillion in the last five years to $1.6 trillion in 2030.
By that time, annual renewable energy investment will have surpassed the largest amount ever spent on fossil fuels, reaching $1.3 trillion. At the same time, global investment in fossil fuels must continue to decline.
Continued investment in electric vehicles, sustainable energy infrastructure, industrial process transformation, and more energy-efficient buildings will be critical.
According to the research, reaching net zero by 2050 will be impossible without a significant acceleration in renewable energy innovation.
In reality, current technologies will achieve nearly all of the emissions reductions required by 2030 to keep the world on schedule to meet the 2050 objective.
However, achieving net zero carbon will necessitate the broad adoption of technologies that are still in development today.
Nearly half of CO2 emission reductions in 2050 will have to come from technologies that are now in the prototype or demonstration stage.
As a result, significant innovation efforts will be required in the coming decade to bring technologies like carbon capture, utilization, and storage in cement manufacturing, or ammonia fuels for shipping, to market.
To achieve net-zero emissions by 2050, yearly clean energy investment must more than triple to nearly $4 trillion by 2030.
By the end of the decade, millions of new employment will have been created, global economic development will have been greatly boosted, and everyone will have access to energy and clean cooking.
Source: Crenov8
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