Without bolder action to reduce greenhouse gas emissions the world will not meet the goals set by the Paris climate accord, according to a new report by Wood Mackenzie.
Analysis in the ‘Energy Transition Outlook’ indicates that the world is on a trajectory for global warming above pre-industrial levels of three degrees Celsius rather than the target of two degrees Celsius.
Wood Mackenzie head of markets and transitions Americas, David Brown, said: “To reach the 2C goal, zero-carbon energy needs to account for 40% of the total energy mix by 2040, compared with just 15% we forecast in our Energy Transition Outlook.
“In context, zero-carbon energy contributed just 10% to global demand last year. Of this, 8% was supplied by nuclear and hydro, and 2% by solar and wind plants.”
He added that each sector of the global economy has its own, nuanced set of decarbonisation challenges to address. “For example, the power sector produces 35% of total emissions” he said.
“These can be reduced with more solar and wind, and the longer-term aspiration of achieving 100% renewables will be possible once long-duration energy storage is cost-effective and scalable,” Brown said.
“But right now, the most developed markets are on course to reach just 50% renewables by 2040.”