Energy
The energy sector must adapt if we are to avert a climate catastrophe, but fossil fuels will be needed for some time yet, writes David Burrows
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ccording to the International Energy Agency (IEA), climate pledges by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net zero by 2050. It insists more needs to be done to give the world a chance of limiting the global temperature rise to 1.5°C.1 Nevertheless, it’s true that we are already seeing positives with regard to a transition to clean energy. According to Statista, the global renewable energy market is expected to reach $1.1 trillion by 2027. Yet fossil fuels are likely to be with us for some time, both because of our insatiable appetite for energy and the reliance of some countries on fossil fuel extraction. According to the UN, while energy efficiency and renewables are often seen as the only way to meet climate goals, other technologies will be needed. Widespread use of carbon capture and storage (CCS), for example, could support hard to abate but essential industries such as cement and steel production through the energy transition. CCS is expected to result in a16% annual emission reduction by 2050. Extraction nations And such technologies could play an essential role given the reliance of some nations on fossil fuel extraction. According to the Financial Times, one-third of the global population currently lives in countries that are badly exposed to the energy transition – for example, Iraq receives more than
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