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Seven-times Faster Decarbonisation Rate Needed – PwC

Big Four consultancy firm PwC’s latest Net Zero Economy Index indicates that a decarbonisation rate of 17.2% per year is now essential to limit global warming to 1.5°C, up from 15.2% the previous year. According to PwC analysis, no G20 country has achieved a decarbonisation rate exceeding 11% in a single year, with the highest level recorded by the UK in 2014 PwC said all nations must intensify their efforts to meet the IPCC’s 2030 target of a 43% reduction in emissions and a 78% reduction in carbon intensity. Emma Cox, Global Climate Leader at PwC, said: The fact that the world needs to decarbonise seven times faster is a spur to action, not a counsel of despair. The past year witnessed a surge in renewable energy adoption, with solar energy experiencing a record growth rate of 24.4% and wind energy increasing by 13.1%, the PwC report noted. This acceleration in renewables was particularly pronounced in Asia, the USA, and Europe, but further action is needed across economic sectors, infrastructure, and support for developing nations. BMI, a Sustainable Fitch company, anticipates a significant acceleration in the growth of non-hydro renewables in the coming decade. This positive projection, in a new report, is underpinned by expectations that annual capacity additions for solar and wind energy will bounce back from industry disruptions, reaffirming their dominance in the global low carbon power expansion landscape.We expect non-hydro renewables growth to accelerate over the next decade as yearly solar and wind capacity additions rebound from industry disruptions and continue their dominance of global low carbon power expansion,” BMI said in a statement. 

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