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“Lost Opportunity”: Analysts warn that a “normal” Covid-19 recovery plan is set to burn out the 1.5C carbon balance by 2030

The carbon balance of the 1.5C warming scenario will be exhausted by the end of the last decade, after the pandemic recovery package has almost failed to guide the world into a more sustainable development path. This is a clear conclusion of the latest report from global risk management and energy research firm DNVGL, which claims that the coronavirus pandemic response is a “lost opportunity” to accelerate energy transitions.

5th edition of the company Energy conversion outlook Most of the Covid-19 recovery packages emphasize how they have been spent maintaining the status quo within the existing industry, rather than facilitating faster deployment of clean infrastructure. ..

Despite the rapid electrification of the electricity sector and shrinking demand for fossil fuels, DNV GL warns that energy shifts are not happening fast enough to meet global climate goals and global emissions. Volume is projected to decline by only 9% by 2030. Analysts predict that the world is on track to experience a global temperature rise of 2.3C by 2100, which puts warming “2C below” pre-industrial levels. It exceeds the ambitious goal of the Paris Agreement to curb.

DNV CEO Remi Ericsson urged the government to apply the “solution and urgency” it presented in the face of a pandemic to its efforts to address climate emergencies. “Many pandemic recovery packages have focused primarily on protecting existing industries rather than transforming them,” he said. “Rather than” building better “, we do a lot of” rebuilding “. This is a lost opportunity, but it is not the last way to quickly move to a deeply decarbonized energy system. “

As renewable energy costs continue to fall and beat fossil fuel power plants, clean energy is set to dominate the world’s power grid, the report said. Meanwhile, electricity’s share of final energy demand will double from 19% today to 38% over the next 30 years as electrification of different parts of the economy accelerates.

However, despite these benefits, the report warns that fossil fuels are on track to maintain a 50 percent share of the global energy mix by the middle of the century. Oil demand is expected to halve and coal usage is expected to fall by a third by 2050, but natural gas demand has grown slowly over the last decade, leveling off in the 2030s and then by 2050. Analysts predict a 10% reduction. ..

The study identifies hydrogen as the fuel most likely to address emissions in areas such as aviation, heavy industry, shipping, and trucking, where emissions are most likely to be addressed, but in current orbit, hydrogen and electronic fuels are It is said that it will reach about 5 per unit. After starting scale-up in the mid-2030s, by 2050 the energy mix cents.

As a result, Eriksen urged the government and industry to accelerate this timeline and bring hydrogen to market faster. “It will take extraordinary action to get the hydrogen economy into full swing early, but it’s an extraordinary era,” he said. “Window to avoid catastrophic climate change will soon be closed, and the cost of not doing so is unimaginable.”

DNV is the “green” hydrogen produced by splitting water using electrolysis and renewable energy to dominate the market by the middle of the century, with 18% of the world’s supply generated using grid electricity. And predicts that 42% will be generated from “dedicated off-the-grid”. Renewable energy”. Meanwhile, only 19% of the world’s hydrogen supply is expected to be produced using fossil gas and carbon capture and storage. This is also called “blue” hydrogen, and the report predicts that “green hydrogen” will benefit from the economy and steadily lose market share. Economies of scale and clean electricity cost reduction.

Promoting energy efficiency should also be an important priority for policy makers, according to the report’s authors. They state that energy efficiency represents the “largest undeveloped resource” in the fight against climate change as the world’s population and economy grow.

The report also highlights the need to strengthen carbon recovery and storage technology development to recover carbon emissions over the next few decades, noting that developments to date are “too slow” and fossils. Only 3.6% of fuel emissions are 2050 at current rates.

https://www./news/4036442/lost-opportunity-analysts-warn-business-usual-covid-19-recovery-plans-burn-5c-carbon-budget-2030 “Lost Opportunity”: Analysts warn that a “normal” Covid-19 recovery plan is set to burn out the 1.5C carbon balance by 2030

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