A new report has outlined the opportunities to halve global carbon emissions by 2040 – but governments, investors and businesses must act now to accelerate energy transitions.
The report by the Energy Transitions Commission’s sets out achievable pathways to limit global warming to well below 2˚C while stimulating economic development and social progress.
Carbon emissions must be reduced by half by 2040 (compared to a business as usual scenario) with further cuts thereafter to achieve the Paris climate objective – limiting global warming to well below 2°C. Simultaneously; we must ensure economic development and access to affordable, sustainable and reliable energy for all, particularly in developing countries. According to the Better Energy, Greater Prosperity report, this is achievable – but business, government and investors must act now to accelerate clean electrification, decarbonization beyond power and energy productivity improvement.
The report reflects a unique collaboration between the diverse members of the ETC, which brings together fossil fuels, power and industrial companies, alongside investors, environmental NGOs and researchers, from both developing and developed countries. These diverse allies are agreed not only on the importance of cutting carbon emissions to meet the Paris objectives, but also on how that transition can be achieved while fostering social and economic progress.