World Can Still Meet Climate Targets With Action Now, BNEF Says
- Investments in clean energy must outpace fossil fuels 3-to-1
- Relying just on economics leaves world with too much pollution
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Even after a disappointing global climate summit, the world can still avoid the worst effects of climate change by speeding up electrification and renewables deployment and supporting development of hydrogen and carbon capture, according to new findings from BloombergNEF.
The world can stay on track for net-zero emissions by 2050, but only if governments and companies take decisive actions now, the research firm said in its annual New Energy Outlook on Tuesday. While the global energy crisis has made renewables even more cost-competitive against increasingly pricey fossil fuels, relying on an economic transition alone will still leave the world far short of Paris Climate Agreement targets.