Post by bonnasuttadhar225588 on Feb 15, 2024 1:29:08 GMT -6
There remain plausible pathways to be on the path to global warming well below two degrees Celsius, if governments and companies take decisive action to transition to low-carbon energy technologies, according to the 2022 New Energy Outlook report , from the research company BloombergNEF (BNEF). The report comes after the UN climate change conference COP27, which did not result in a significant increase in ambition in the fight against global warming. The BNEF New Energy Outlook explores how the global energy system, and the energy systems of nine key countries that represent 63% of global emissions, can evolve between now and 2050, under two scenarios: the so-called Economic Transition Scenario, and the Net Zero Scenario aligned with Paris. Economic transition scenario The global energy crisis has made renewables even more competitive with coal and gas-based electricity generation in many parts of the world, as prices for those fuels have skyrocketed, and many countries and regions are a faster transition to clean energy in support of greater energy security.
In the Economic Transition Scenario (ETS), which assumes no new policy measures to accelerate the transition to clean energy, the rapid growth of renewable energy and the electrification of transport eliminates approximately half of global emissions associated with energy in 2050, compared to a baseline in which this transition does not occur. These technologies win on their own merit, without the need for additional Congo Email List subsidies, thanks to the dramatic cost reductions in wind, solar and battery technology over the past decade, which are expected to resume after a hiatus during the current inflation crisis. Wind and solar will provide around two-thirds of global power generation in 2050 under the ETS, and these two technologies, combined with battery storage, account for an impressive 85% of the 23 terawatts of new power capacity. that will be installed in the next three decades. Emissions from the electricity sector are reduced by 57%, and those from the transportation sector in general are reduced by 22% until 2050, driven by the transition of the road segment to electric vehicles.
Global use of coal, oil and gas peaks in the next decade, with coal peaking and beginning to decline immediately, while oil will do the same in 2028 and gas at the beginning of the decade. of 2030. Matthias Kimmel, head of the energy economics team at BNEF, said: “The energy transition in the electricity sector is well underway, and our models show that global emissions in the electricity sector peak around 2023. A Despite recent inflationary pressures, renewables remain competitive and the gap between them and fossil fuels continues to widen. "We are on the right track, but we still have to work much more to promote solutions that we already know make economic sense." Despite these rapid advances in clean energy, the Economic Transition Scenario is a long way from achieving net zero by mid-century. By 2050, emissions will have decreased by 29%, but coal, oil and gas will still emit 24.6 gigatonnes of CO2 per year. The result is a trajectory consistent with 2.6C of global warming, failing to meet the goals of the Paris Agreement.