Think tanks could bring the world closer to net-zero emissions by rapidly scaling up existing technologies

The \”2024 New Energy Market Long-term Outlook Report\” released by Bloomberg New Energy Finance shows that even if time is tight, the world can still achieve the main goals of the Paris Agreement: controlling global temperature rise to well below 2 degrees Celsius, and Avoiding the worst impacts of climate change and what is needed to achieve this.

The \”2024 New Energy Market Long-term Outlook Report\” released by Bloomberg New Energy Finance shows that even if time is tight, the world can still achieve the main goals of the Paris Agreement: control global temperature rise to well below 2 degrees Celsius and avoid climate change the worst-case consequences and what is needed to achieve this goal.
The report notes that the pace of scaling up clean technologies and decarbonizing the power sector is critical.
Bloomberg New Energy Finance recently released the \”2024 New Energy Market Long-term Outlook Report\” which proposes two updated climate scenarios, namely the Net Zero Scenario (NZS) and the base scenario Economic Transformation Scenario (ETS), to inform public policy formulation, national climate goals and corporate and provide reference for low-carbon transformation strategies of financial institutions.
The report\’s net-zero scenario, which is comparable to a 67% chance of keeping global temperature rise below 1.75 degrees Celsius, sees demand for oil, gas and coal peaking immediately and falling sharply from 2025.
Power, transport, industry and construction will transition to decarbonization at different rates depending on available technologies but emissions will start falling immediately across all sectors.
These short-term changes can be achieved mainly due to the rapid promotion of clean energy technologies, especially the three-fold increase in global renewable energy installation capacity by 2030. The rapid popularity of new energy vehicles has prompted the global phase-out of fuel vehicle sales by 2034 and the reduction of carbon emissions by 2030. Large-scale promotion of capture technology, energy storage and nuclear energy.

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