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Scientists have said the world ideally needs to limit global
average temperature rise to 1.5C this century to avoid
catastrophic effects from climate change. Many governments have
pledged to reduce emissions to net zero by mid-century to help
achieve this.
However, most countries are not on track to even meet emissions
targets by 2030, let alone 2050, the report said.
Net zero refers to cutting emissions to as close to zero as
possible with any remaining emissions re-absorbed from the
atmosphere, by oceans and forests, for example.
Governments' existing emissions cut pledges would fail to stop
global temperatures from rising over 1.5C, and would likely put
the world on track to warm by 2.5C by 2050, according to the
United Nations.
Wood Mackenzie said to decarbonizes the energy sector investment
of $1.9 trillion a year is needed, and this must increase by
150% – or $2.7 trillion a year – to limit global warming to
1.5C. Three-quarters of that investment is needed in the power
and infrastructure sectors.
"Achieving 1.5C is going to be extremely challenging, but it is
possible and greatly depends on actions taken this decade,” said
Simon Flowers, chairman and chief analyst at Wood Mackenzie.
Renewables such as wind and solar power need to become the
world's main source of power supply to support the
electrification of transport and production of green hydrogen,
the report said.
"Oil and gas still have a role to play as part of a managed
transition. There will be a natural depletion as low and zero
carbon options develop but supply still needs to be replenished
as we move towards net zero," said Prakash Sharma, vice
president at Wood Mackenzie, and lead author of the report.
(Reporting by Nina Chestney, editing by Deepa Babington)
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