World needs $2.7 trillion annually for net zero emissions by 2050, Wood Mackenzie report says

By Nina Chestney
September 14, 2023
Category: Carbon, Climate & Bioenergy
Region: International

LONDON – Global investment of $2.7 trillion a year is needed to achieve net zero emissions by 2050 and avoid temperatures from rising above 1.5 degrees Celsius this century, a report by consultancy Wood Mackenzie said on Thursday. Scientists have said the world ideally needs to limit global average temperature rise to 1.5C this century to avoid catastrophic effects from climate change. Many governments have pledged to reduce emissions to net zero by mid-century to help achieve this. However, most countries are not on track to even meet emissions targets by 2030, let alone 2050, the report said. …Renewables such as wind and solar power need to become the world’s main source of power supply to support the electrification of transport and production of green hydrogen, the report said.

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