New Energy Outlook Report 2022:
According to the 2022 New Energy Outlook report (by BloombergNEF), it is still possible to keep the temperature increase to 1.77 degrees Celsius with determined action.
- Limiting global temperature increases to 1.5 degrees Celsius will not be easy to achieve.
- Hence, the report analysed Net Zero scenarios or routes that, with a 67% certainty, restrict global warming to 1.77 degrees Celsius above pre-industrial levels by 2050.
Findings of the report:
- Greenhouse gas (GHG) emissions from developing economies, particularly India, will continue to rise and will only begin to decline by the early 2030s.
- Emissions in Europe, US, Australia and Japan have already peaked this year and will decline rapidly after that.
- However, China’s reduction is more gradual. Emissions will peak this year and then stabilise before realigning with developed-country trajectories.
- Emissions need to fall by 30% by 2030 and by 6% a year to 2040.
- For this, investments in the clean energy sector must triple that of fossil fuel to reach Net Zero by 2050.
- About 25% of total emissions can be reduced using low-carbon electricity in the transport sector and industrial processes.
- The rest of the emissions can be abated by hydrogen and carbon capture and storage (CCS).
- CCS is the process of using technology to capture carbon emissions from industrial processes or power generation, from where it is transported and stored underground for posterity.