How decarbonization can change the world?

By reducing the use of carbon-intensive fossil fuels, decarbonization is defined as a reduction in their usage. The report finds that today, 81 percent of the world’s power comes from fossil fuels. However, by 2050, it will need to be reduced to 39% in order to meet the two degrees Celsius goal under that scenario. But, this doesn’t mean all fossil fuels will be treated equally.

Change in the energy landscape

Other fossil fuels, including natural gas and liquid petroleum, will be less affected than coal. Oil use in 2050 is expected to be 45% of today’s levels, but it may still be a relevant energy source due to its usage in enterprises like petrochemicals.

Natural gas will continue to play a central role in the energy world, owing to its ability to provide extra grid services such as frequency response and black-starting in the event of a grid outage.

In the future, carbon capture and storage (CCS) technology will be required. Biomass is already being used in a few places to produce hydrogen from natural gas, which could reduce emissions significantly. Renewables like biomass will most certainly play an increasingly large role as well, especially when combined with carbon capture and storage technologies.

Overall, renewable energy sources will need to significantly increase. Renewables account for two-thirds of the primary energy supply in the document’s long-term global plan. It will be no easy task to reach this mark; it will require a twofold increase in renewable development rates versus today.

Everyday electricity use will become more efficient 

The report emphasizes the need for ‘end-use’ behavior to change. This might be translated into everyday energy users utilizing a bit less heat, power, and fuel for transportation in our daily lives, but an even bigger force for progress will be an investment in more efficient end-use technology – the equipment, gadgets, and home appliances we use on a daily basis.

The authors of the study, which was published in Nature Energy, say that energy investment need not rise above today’s level — what needs to grow is investing in these technologies. To meet decarbonization goals by 2050, 70% of new automobiles must be electric cars.

Decarbonisation will cost, but not decarbonising will cost more

Although it may be difficult to meet temperature objectives in the near term, doing so is necessary for ensuring long-term success. According to a research paper cited in the report, meeting temperature goals would require $119 trillion in investment between 2015 and 2050. However, it also suggests another $29 trillion will be required to achieve targets.

However, if we do nothing, the world will have to pay out an even larger sum in healthcare costs or other economic expenses linked with climate change, such as flood damage or drought. As a result, the cost of decarbonization may be between two and six times less than what failing to reduce carbon emissions might cost.

On top of this, between 2015 and 2050, the new employment (including those in renewable fuel industries that will replace those lost in fossil fuels) and prospects that will be available could contribute $19 trillion to the global economy. Global GDP may grow by up to 0.8 percent as a result of stronger stimulus from the low-carbon economy in 2050.

It will not be simple to achieve a cleaner tomorrow – it will need long-term planning, effort, and the desire to consider the long-term advantages. But if you get it right, the benefits may be significant.