2022 New Energy Outlook Report
2022 New Energy Outlook Report was released by the global, clean energy research provider BloombergNEF. The report analysed the Net Zero scenarios or pathways that limit global warming to 1.77°C above pre-industrial levels by 2050 with 67 percent assurance.
What are the key findings of the report?
- The greenhouse gas emissions from developing countries, especially India, is expected to continue to increase until the end of 2030. The emissions will decline in these countries only in the early 2030s.
- Since emissions in Europe, the United States, Australia and Japan has already peaked in 2022, they are expected to decline rapidly in the following years.
- In China, the emissions are expected to peak in 2022 and stabilize for a while before they realign with developed countries’ trajectories.
- Limiting global temperature rise to 1.5°C cannot be easily achieved.
- It is possible to maintain the global temperature increase to 1.77°C if pro-active actions are taken. However, investment in the clean energy sector must be three times higher than fossil fuels to achieve the Net Zero Target by 2050.
- Emissions need to decline by 30 per cent by the end of this decade and overall by 6 per cent a year to 2040. Even then, energy sector will not be able to reach the desired emission targets unless a revolutionary change takes place.
- If no new policies are implemented to transition to low-carbon economy, the emissions would on an average at a rate of 0.9 percent per annum. This aligns with the 2.6°C temperature rise by the end of this century.
- Shifting the sources of power generation from fossil fuels to renewable energy can ensure a 50 per cent reduction in carbon emissions.
- About 25 per cent of emissions can be reduced using low-carbon electricity in the transport sector and industrial processes.
- The rest of the emissions can be addressed using hydrogen (6 per cent) and carbon capture and storage (11 per cent).
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