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New Energy Outlook report 2022

GS Paper 3

Syllabus: Environment and Conservation

 

Source: DTE

 Direction: The article highlights the ways to keep the temperature increase to 1.77 degrees Celsius.

 

Context: According to the 2022 New Energy Outlook report (by BloombergNEF), it is still possible to keep the temperature increase to 1.77 degrees Celsius with determined action.

 

Background:

Limiting global temperature increases to 1.5 degrees Celsius will not be easy to achieve. Hence, the report analysed Net Zero scenarios or routes that, with a 67% certainty, restrict global warming to 1.77 degrees Celsius above pre-industrial levels by 2050.

  

Findings of the report:

  • Greenhouse gas (GHG) emissions from developing economies, particularly India, will continue to rise and will only begin to decline by the early 2030s.
  • Emissions in Europe, US, Australia and Japan have already peaked this year and will decline rapidly after that.
  • However, China’s reduction is more gradual. Emissions will peak this year and then stabilise before realigning with developed-country trajectories.

 

Suggestions to limit increase to 1.77 degrees Celsius:

  • Emissions need to fall by 30% by 2030 and by 6% a year to 2040.
  • For this, investments in the clean energy sector must triple that of fossil fuel to reach Net Zero by 2050.
  • About 25% of total emissions can be reduced using low-carbon electricity in the transport sector and industrial processes.
  • The rest of the emissions can be abated by hydrogen and carbon capture and storage (CCS).
    • CCS is the process of using technology to capture carbon emissions from industrial processes or power generation, from where it is transported and stored underground for posterity.

 

Challenges: Net Zero scenario requires a global investment of $194 trillion by 2050 to make this large-scale clean energy transition.

  

Way ahead:

  • A revolution will be needed in the energy sector to increase momentum and accelerate emissions reductions. This would account for nearly half of the reductions in carbon emissions.
  • Switching the sources of power generation from fossil fuels to renewable energy is the need of the hour.

  

Conclusion: The governments and the public sector around the world could still work together to ensure the transition to low-carbon energy technologies.

 

Insta Links:

Niti Aayog proposes decarbonizing industrial emissions

 

Mains Links:

Q. The carbon capture, utilisation, and storage (CCUS) technology hold great potential to mitigate the emissions from fossil fuels. Analyse. (250 words)