Achieving the Paris Agreement goal of limiting warming to 1.5°C will now require a rate of global decarbonisation of 11,7% every year, five times faster than in 2019, according to PwC Net Zero Economy Index.
”Carbon emissions fell by 25% in some countries in the first half of the year, as a result of the reduction in economic activity, especially in transportation. The data is showing a fast rebound in emissions as economies and societies begin to open up and 2020 is still set to be another record-breaking year for global temperature increases. At the same time, the emergence of the COVID crisis has put on the second plan the concern for climate change, but achieving the emissions reductions required to limit global warming will remain on the governments agenda, companies and polluting sectors having more need to reset and invest for the long-term”, said Dinu Bumbăcea, Partner and Advisory Leader.
For the last ten years, PwC Index has modelled economic growth and energy-related CO2 emissions data, against the rates required to achieve the aims of the Paris Agreement. It tracks how economies are progressing in breaking the link between economic growth and increases in energy-related carbon emissions.
Emissions and energy consumption
Going into 2020, across the world, fossil fuels continued to dominate, with 57% of the increase in energy consumption met by natural gas and oil alone. Energy-related CO2 emissions were up 0.5%, as global energy consumption increased by 1.3%.
2019 saw a decline in coal consumption for the first time since 2016 (0.6% decline). There were steady increases in the consumption of oil (0.8% growth) and natural gas (2.0% growth). On renewables, despite record growth rates in wind (12.1%) and solar (23.8%), overall they accounted for just 11% of global energy consumption.
Other conclusions of the report
steel, cement, and plastics, material efficiency and circularity, and sustainable aviation fuels, and carbon capture and removal technologies.
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