Global Climate Crisis: Wood Mackenzie estimates the world needs to spend $2.7 trillion annually to address the climate crisis. This sum is required to achieve zero pollution by 2050. It limits temperature increase to 1.5 degrees Celsius this century, crucial for avoiding climate disasters.
Despite governments’ promises, most countries must be on track to meet the emissions goals outlined in the study.
“Net zero” means reducing emissions to the lowest level possible and offsetting excess emissions with natural systems.
Governments’ emission reduction promises fall short of limiting global temperature rise to 1.5 degrees Celsius. UN warns of potential 2.5°C temp rise by 2050 without kept promises.
Global warming is limited to 1.5°C. The energy industry must make a costly change of $1.81 trillion annually. Spending must increase by 150% to $2.7 trillion/year. About 75% of this money is for power and buildings.
Simon Flowers is the Chairman and Chief Analyst at Wood Mackenzie. He expects big problems. He suggests that the 1.5°C target could be achieved through decisive actions in the coming decade.
The study highlights wind and solar power as future energy sources. This change is crucial for electrifying transportation and producing green hydrogen, both necessary for achieving net-zero pollution.
The study shows that green energy is leading change despite the importance of oil and gas. As low-carbon options increase, fossil fuel usage will decrease. To reach net-zero waste, we need more sources. It highlights the importance of a balanced approach to global improvement.