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https://reneweconomy.com.au/coal-and-gas-use-must-peak-and-decline-starting-today-bnef-outlook-warns-world-headed-to-2-6c/>
"Energy consultancy has abandoned the prospect of limiting global warming to
1.5°C and now says that if the world wants to avoid a 2.6°C hotter environment,
fossil fuel use needs to peak and start declining from today.
The company’s 2024 outlook report says the world might be able to achieve
1.75°C warming if a huge ramp up in clean energy technology installations and
use happens before 2030, in order to set the stage for continuing gains in the
decades after.
“Clearly, time is running out to stay within the global heating limits set by
the Paris Agreement,” wrote BNEF deputy CEO Albert Cheung on LinkedIn.
“The Net Zero Scenario, which is consistent with global warming of 1.75°C,
requires an immediate peak and decline in emissions from all sectors starting
today, and a simultaneous peak and reduction in use of each fossil fuel — coal,
oil and gas.
“To get on track for this trajectory, renewable energy must be tripled by 2030,
EVs must reach 100 per cent of sales by 2034, and a huge increase in carbon
capture and storage (CCS) is needed in this decade.”
The report says every tool – even those like CCS and small modular nuclear
which are considered by some to be fringe technologies for present day use –
must be scaled up now in order to meet net zero. The other technologies are
renewables, EVs, storage, energy grids, hydrogen, sustainable aircraft fuels
and heat pumps.
“All nine pillars must succeed if we are to get to net zero – if one falters,
another will need to take up the slack,” says Cheung."
Cheers,
*** Xanni ***
