FILE PHOTO: The sun is seen behind high-voltage power lines and electricity pylons at a highway northeast of Cairo, Egypt, Mar 13, 2019. LONDON: Achieving net zero emissions by mid-century would cost an estimated US$1 trillion to US$2 trillion a year of additional investments, or 1 to 1.5 per cent of global gross domestic product, a report by the Energy Transitions Commission said on Wednesday .
To limit global warming to 1.5 degrees Celsius this century, global greenhouse gas emissions will need to reach net zero.When this is achieved, the reduction in 2050 living standards in developed and developing countries would amount to less than 0.5 per cent of global GDP, the report said. The ETC is a global coalition of 40 energy producers, industrial companies and financial institutions, including ArcelorMittal, HSBC, BP, Shell, Orsted and Bank of America, which are committed to achieving a carbon-free economy by 2050.
The report said dramatic improvements in energy efficiency will need to be made: annual global electricity supply will have to grow four to five times to reach 90,000 to 115,000 terawatt hours and the annual pace of wind and solar capacity will need to be five to six times the increase achieved in 2019.
In addition, buildings, transport and industry sectors need to be electrified and hydrogen should be used in cases where that is not possible. Any remaining energy use should be decarbonised using carbon capture and storage and sustainable bioenergy.
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