The Way To A New Energy Future
How can the world get to net zero emissions by 2050? The International Energy Agency has mapped out a pathway for limiting global warming to 1.5C
Leslie Hook, Steven Bernard and Chris Campbell, May 20, 2021 (Financial Times)
“…[There is a “narrow but achievable”] way to reach net zero emissions by 2050…[The International Energy Agency path requires] ending the sale of conventional petrol cars by 2035, reaching 100 per cent clean energy by 2040 and using heat pumps to meet at least half of all heating needs by 2045. While some industry executives and major energy consuming countries have deemed the pathway out of touch with the reality of current consumption patterns, it showcases the sheer overhaul of the energy system that would be required.
Total energy consumption in 2050 would be less than it is today because of improvements in efficiency, even though the global economy will be 40 per cent larger…[Solar power will increase 20 times and wind power 11 times by 2050…[and electricity’s portion of energy use] would rise to 50 per cent…Total capital investment in the energy sector would need to rise to $5tn a year, of which investment in transmission and distribution grids would rise to $820bn annually in 2030 from $260bn today…Coal would decline to just 4 per cent of the global energy supply, mostly from power plants that are equipped to capture carbon dioxide…
Oil demand would fall by 75 per cent, reaching 24m barrels per day and gas demand would decline by 55 per cent…[N]o new exploration for oil, gas or coal supplies would be necessary…People will have to change their lifestyles…[and policymakers] will also have to use every tool at their disposal, including placing a price on carbon dioxide emissions…Governments will also need to accelerate their plans to cut emissions…” click here for more