In his latest report, IPCC (Intergovernmental Panel on Climate Change) warned about the main negative effects for humanity and the planet if global temperatures increase above 1.5 °C objective above preindustrial levels. And if temperatures increase to 2 °C warns about even more dramatic consequences. The report concludes that reaching zero net emissions of CO2 worldwide for 2060 is of critical importance. Although this can seems a high objective, the window for a decisive action is getting quickly closed; the economic viability is essential for the success of any of those efforts. It is fundamental that the energy and industrial sectors are mainly focused in helping the heavy industry and transportation to achieve zero net emissions without depending on the sector’s compensations in land usage. In my opinion, this is possible on developed economies for 2050 and in developing economies for 2060.
Detailing our mission for success
Over the last year, ETC has been dedicated to define a path towards null net emissions from the most difficult to reduce sectors. The result is the report Mission Possible; on its findings they show that not only is that change possible, but it is also accessible and potentially profitable. Current estimations suggest that, for mid-century, the economy cost will be below 0.5 percent of the world GDP, with an insignificant impact on consumer life standards.
With the release of the report Mission Possible, we have demonstrated that with this transition can be achieved accelerated innovation and investment with a minimal cost for global economy, through ambitious policies. It is based on the report of 2017 (Better Energy, Greater Prosperity) and deepens on sectors considered today as “difficult to decarbonize” only through energy efficiency and electrification. As the world becomes more electrified and electricity is decarbonized, the importance of these sectors grows to reach complete decarbonization of world economy in 2026.