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New Energy Outlook Report 2022

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.