A new report from PricewaterhouseCoopers has predicted that the world is set to use its allocated carbon budget for the whole century by just 2034.
While investment in cleantech technologies is delivering positive results and reducing the growth in carbon emission it is not at a fast enough rate. Indeed, at 0.7 per cent, the rate of decarbonisation is far below the six per cent annual average reduction in carbon intensity PwC calculates is needed from now until 2100 in order to maintain economic growth without exceeding 2ºC of global warming – the agreed international target for avoiding “dangerous” climate change.
Even doubling today’s current efforts to 1.4 per cent will not be enough, while Japan’s retreat from nuclear power, increased investment in coal-fired power stations and the failure to roll out carbon capture and storage means that a sharp increase in emissions reduction looks unlikely. PwC believes the COP deal in 2015 could prove crucial to bolstering decarbonisation efforts; a global climate deal in 2015 could provide the regulatory framework and financial stimulus to catalyse a low carbon transition.