According to PwC, global economies need to cut their energy-related carbon emissions for every dollar of GDP by 6.2% every year between now and 2100. That is more than five times the rate currently achieved. The reduction target is an estimate of how much countries need to reduce their energy-related emissions by, while growing their economy, in order to limit global warming to 2°C.
Among G20 countries, PwC says Australia surpassed the annual target, recording a decarbonisation rate of 7.2% over 2013, putting the country in top spot for the second year in a row. Three other countries, the U.K., Italy and China, achieved a decarbonisation rate of between 4% and 5%. But five countries increased their carbon intensity over 2013: France, the U.S., India, Germany and Brazil.
However the analysis shows the following encouraging signs:
- The E7 (China, Russia, India, Indonesia, Mexico, Brazil and Turkey) outperformed the G7 in carbon reduction (1.7% vs. 0.2%) for the first time in six years, indicating how it can be possible to maintain economic growth while slowing the rate of growth in emissions.
- Renewable electricity generation, excluding hydroelectricity, grew at 16%, a continuing trend for the last decade with double digit growth every year. Renewables now account for nearly 10% of total energy mix in six of the G20 economies.
The analysis describes what is required in order to achieve carbon emissions reduction goals:
- Annual energy-related emissions in the G20 bloc need to fall by one-third by 2030 and just over half by 2050 to stay within the 2°C budget.
- Collectively, the G7 group needs to almost double its decarbonisation to 4.2% per year between 2014 and 2020. They have achieved an average decarbonisation rate of 2.2% between 2010 and 2013. Absolute carbon emissions (i.e. not just those related to energy) need to fall by 44% by 2030 and 75% by 2050 compared to 2010 levels.
- For the E7, a carbon intensity reduction of 8.5% per year is required from 2020, followed by further reductions of 5.3% a year from 2030 to 2050 to stay within the 2°C budget.
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Photo by Nuclear Regulatory Commission via Flickr