With a steady downfall in fossil fuel burn by a margin of 7 percent due to covid, the average surface temperature of earth has been soaring perilously high.
Moreover, this temperature is inclined towards the Paris climate agreement’s threshold of 1.5 degree celsius.
To restrict warming to 1.5 degree Celsius by at least 50 percent, global carbon emissions must fall by nearly half to 2030 to touch net zero by 2050 as per IPCC.
However, failure to do so will result in extreme changes in weather patterns and ecosystems, massive economic ravage, with unprecedented social and political upheaval.
Currently, cutting down on carbon emission is of utmost importance to prevent reaching the apex into a future of catastrophic climate change.
Further, decarbonisation is to be taken seriously which refers to the process of reduction or elimination of carbon dioxide from energy sources.
Full carbonisation is the only way to a sustainable future that will lead to climate stabilization.
Also, deep decarbonisation is projected to be a lifetime commercial opportunity of the current century amounting to an estimated expenditure of USD 85-110 trillion.
Accordingly, over a period of next thirty years, the world is expected to build five to six times as much wind and solar power per year (80,000 to 100,000 TWH/annum) as in 2019.
A Fully electrified surface transport system with accelerated investments in charging infrastructure to include more than a billion electric vehicles worldwide by 2050.
Enormous rise in the production of hydrogen and carbon capture infrastructure are equally crucial.
Check all the recent news updates and share market updates