- Write by:
-
Thursday, May 2, 2024 - 14:15:32
-
147 Visit
-
Print
A five-year delay to decarbonization efforts could see global average temperatures rising to 3 degrees Celsius above pre-industrial levels and result in a 55% fall in global average spending, a report by consultancy Wood Mackenzie showed.
Why it’s important
The impact of a five-year delay to a move to low-carbon energy sources could result annual average spending to fall to $1.7 trillion, 55% lower than what Wood Mackenzie estimates is needed to reach net zero emissions by 2050.
Total investment could fall to $48 trillion with such a delay, compared to $75 trillion needed to reach net zero.
Context
Wood Mackenzie published its most recent energy transition outlook in Sept. 2023. Since then, the risks of delays in the transition to low-carbon energy have grown, amid political uncertainties, inflation and elections across the world.
At UN climate talks last year, countries agreed to begin reducing global consumption of fossil fuels so as to achieve net zero emissions by 2050. They had already agreed to keep global warming to within 1.5C above pre-industrial temperatures.
Key quote
“With half of the global population heading to polls in 2024, political realities and climate scepticism in the major emitting countries, such as the US and Europe, could reduce the support for the transition as voters seek economic security and price stability,” said Prakash Sharma, vice president, scenarios and technologies at Wood Mackenzie.
Short Link:
https://www.miningnews.ir/En/News/628342
![Wildfires erupt in Canada crude patch in threat to oil sands](/Incsys/Photo.aspx?image=/Uploads/News/20240723142149539.jpg&width=236&height=180)
Hot and dry weather is spawning dozens of new wildfires across Alberta, with blazes threatening more than 400,000 ...
![Polish miner found alive after more than 48 hours trapped underground](/Incsys/Photo.aspx?image=/Uploads/News/20240721173143295.jpg&width=236&height=180)
A Polish coal miner trapped underground since Thursday was found alive by rescuers on Saturday, local media reported.
![China pauses new coal-based steelmaking for first time in years](/Incsys/Photo.aspx?image=/Uploads/News/20240721170703156.jpeg&width=236&height=180)
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since ...
![US backs Angola plan to process critical minerals](/Incsys/Photo.aspx?image=/Uploads/News/20240702164328021.jpg&width=236&height=180)
The US is backing Angola’s efforts to diversify from being an oil-dependent economy to becoming a critical-minerals ...
![German coal company to get about €1 billion for shutting mines](/Incsys/Photo.aspx?image=/Uploads/News/20240606202604061.jpg&width=236&height=180)
Germany’s second largest coal miner is likely to receive in the region of €1 billion ($1.1 billion) in compensation for ...
![Glencore to consult investors on coal spinoff after Teck deal](/Incsys/Photo.aspx?image=/Uploads/News/20240606195712665.jpg&width=236&height=180)
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck ...
![Glencore to consult investors on coal spinoff after Teck deal](/Incsys/Photo.aspx?image=/Uploads/News/20240601222127287.jpg&width=236&height=180)
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck ...
![Fortescue excluded from world’s biggest hydropower plant development](/Incsys/Photo.aspx?image=/Uploads/News/20240524144443051.jpg&width=236&height=180)
A company owned by Australian mining billionaire Andrew Forrest will no longer develop the world’s biggest hydropower ...
![Sandvik, Glencore explore second life for BEV batteries with energy storage pilot](/Incsys/Photo.aspx?image=/Uploads/News/20240524142851051.jpg&width=236&height=180)
As part of the mining industry’s transition towards electrification, Sandvik has initiated a pilot project to deploy a ...
No comments have been posted yet ...