10 Ways to Win the Global Race to Net-Zero
Global insights to inform Canadian climate competitiveness
We all heard @IEA @fbirol say it: "No new investments in oil, gas and coal, from now—from this year." The global race to #NetZero is on and there's no turning back. Who's in the lead, and how can #Canada catch up?
The recent @IEA report & numerous other studies have found that hitting #NetZero by 2050 is feasible. But it demands systemic transformation & cooperation across sectors, plus the will to act boldly. Is #Canada ready?
With each passing day, more countries—and, increasingly, more companies—pledge to limit global warming to 1.5°C by reaching net-zero greenhouse gas (GHG) emissions by 2050. Collectively, countries with net-zero targets represent 61% of global GHG emissions, 68% of global GDP, and 52% of the global population. Companies with net-zero commitments together represent sales of nearly USD 14 trillion.
Net-zero is the new normal.
And a growing body of research, modelling, and analysis is beginning to paint a picture of how countries can get to this point by mid-century. Across all the studies, there are several findings that stand out:
- Energy efficiency and electrification—substituting clean power for fossil fuels—have the capacity to deliver the greatest contribution.
- While most efforts to date have focused on carbon dioxide (CO2) emissions, we must also reduce other greenhouse gas emissions, such as methane and hydrofluorocarbons.
- The decarbonization of heavy industry is challenging but essential, and hydrogen could prove a key enabler of these reductions.
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