The shift to clean energy must be accelerated to avoid the worst climate change, the UN panel says
The lignite-fired power plant complex of German energy company and utility RWE is reflected in a large puddle in Neurath, northwest of Cologne, Germany, February 5, 2020. REUTERS/Wolfgang Rattay
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April 4 (Reuters) – The world must quickly accelerate its transition away from coal and other fossil fuels to avoid extreme climate change, according to a report by the UN climate science panel on Monday.
The report justifies growing concern from scientists, activists and governments that promises to reduce greenhouse gas emissions have so far not been enough to prevent global temperatures from rising by more than 1.5 or 2 degrees Celsius – the level at which researchers say that climate change could spiral out of control . Continue reading
“Meeting these goals requires credible commitments to public policy, private investment, and innovation, all of which happen rapidly and then sustain over multiple decades,” said John Bistline, climate expert at the nonprofit Electric Power Research Institute and a contributing author of the IPCC report.
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For example, to keep warming in check, global coal consumption must fall by at least 67% by 2030 and 95% by 2050, while oil and gas consumption must also fall sharply, according to the report. That would mean shutting down and replacing power plants and other facilities that run on fossil fuels, potentially decades ahead of schedule, and canceling new construction. Continue reading
“Without early retirement or reductions in use, current fossil fuel infrastructure will emit more greenhouse gases than is consistent with limiting warming to 1.5 degrees C,” the report says.
The pace of decline in fossil fuel consumption could be somewhat slower if plants install carbon capture systems to prevent their emissions from entering the atmosphere, the report says, while acknowledging that the technology is still evolving has not proved economical on a large scale.
The rapid move away from fossil fuels needed to limit warming poses a multi-trillion dollar risk to investors and resource-rich nations, as it could leave infrastructure untapped and untapped resources in the ground.
“About 30% of oil, 50% of gas and 80% of coal reserves will remain unburnable if warming is limited to 2 degrees C,” the report said, adding that the loss of wealth from such ” stranded assets” could pose risks for financial markets.
But there are also economic opportunities, both for investors looking to capitalize on the growing solar, wind and other clean energy industries, and for companies looking to capitalize on their falling costs and improved technology, it said.
According to the report, in some cases the transition to low-carbon energy is already economical.
Despite decades of international climate negotiations, CO2 emissions and energy demand from fossil fuels have steadily increased, with current emissions projections putting 1.5 degrees C well out of reach. Continue reading
Meanwhile, tight global energy markets and high fuel prices have prompted major energy-consuming nations like the United States to call for increased oil and gas drilling in the near term – reflecting a shift in priorities from tackling climate change to strengthening energy security.
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reporting by Richard Valdmanis; Edited by Katy Daigle and Lisa Shumaker
Our standards: The Thomson Reuters Trust Principles.
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