New report outlines opportunity to halve global carbon emissions by
2040 - but governments, investors and businesses must act now to
accelerate energy transitions.
The Energy Transitions Commission’s flagship report, launched on 25
April 2017, sets out achievable pathways to limit global warming to
well below 2˚C while stimulating economic development and social
progress.
We must reduce carbon emissions by half by 2040 (compared to a
business as usual scenario) with further cuts thereafter to achieve the
Paris climate objective – limiting global warming to well below 2°C.
Simultaneously, we must ensure economic development and access to
affordable, sustainable and reliable energy for all, particularly in
developing countries. According to the Better Energy, Greater Prosperity
report, this is achievable – but business, government and investors
must act now to accelerate clean electrification, decarbonization beyond
power and energy productivity improvement.
- The almost total decarbonization of power generation and the
electrification of a wider set of activities could deliver half the
necessary emission cuts by 2040. The collapsing cost of renewables and
batteries makes this more achievable and faster than assumed.
Governments must reinforce the progress already underway.
- Stronger public policy and large-scale investment is now required
in the decarbonization of activities – particularly in heavy industry -
which cannot be electrified. We know the technologies which might
achieve this – such as bioenergy, hydrogen, and carbon capture and
storage – but progress on cost reduction and scale deployment has been
far too slow.
- A revolution in energy productivity improvements is technically
feasible but needs more forceful policies, in order to reach an annual
growth rate of 3.0%. (compared to 1.8% today).
The report reflects a unique collaboration between the diverse
members of the ETC, which brings together fossil fuels, power and
industrial companies, alongside investors, environmental NGOs and
researchers, from both developing and developed countries. These diverse
allies are agreed not only on the importance of cutting carbon
emissions to meet the Paris objectives, but also on how that transition
can be achieved while fostering social and economic progress.
Read the full press release