International Energy Agency released a landmark report, ‘Net Zero by 2050: a Roadmap for the Global Energy Sector’ this past week. The net zero roadmap is aimed to be a “how to guide” for the world’s decision makers to get to their targets.
So, what are the highlights from the study? | What are the recommendations? | What are the critics saying about this study?
Two scenarios are prominent one, is based on the Stated Policies Scenarios which is based on the commitments from the governments from around the world and the other is the Net Zero Emissions Scenario which is what has been modeled by the IEA researchers.
Whats important in all of this is that there are about over 400 milestones that should be reached as per the forecast in the model if the net zero energy transition has to be reached by 2050.Couple of major milestones among them is the big statement that there would be no new oil and gas fields or coal mines beyond 2021 and a zero carbon power sector by 2040. The net zero roadmap is aimed to be a “how to guide” for the world’s decision makers to get to their targets.
2020s will be the decade of transition where
- Renewable Energy (RE) capacity growth would be 4x
- Electric Vehicle (EV) car sales would be 18x
- Energy intensity of GDP expected to drop 4% yoy
Finally, this report comes at a crucial time in fact a crucial year when the conference of parties, COP 26 is expected to be a landmark event in Glasgow later this year. In fact, the UK government which is presiding over this year’s event wanted IEA to come up this report that could serve as a guiding tool for all the countries.
Nevertheless achieving this net zero target would need an concentrated effort of all the countries and wider global cooperation. Each country as it would be expected would have to come up with its own strategies to get to net zero. The podcast has covered multiple such discussions in the past, we have looked at individual countries like UK and Australia.
Also, technology focused discussions’ around carbon capture, E-mobility and the like have been produced.
Again, this episode was intended to be a cover story of big news from the past week and a brief one highlighting the key findings from the report. If you are interested please do take time to check the large volumes of data from the study.
Link to the IEA report – https://www.iea.org/reports/net-zero-by-2050
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I will continue to cover more such stories going forward to keep you updated with everything that is going on in this global decarbonisation effort.