BAKU, Azerbaijan, Apr.14
By Leman Zeynalova – Trend:
Limiting global warming to 2 °C by 2050 will require significant shifts in how energy is consumed and generated, Trend reports citing Wood Mackenzie.
Under the company’s Accelerated Energy Transition (AET-2) scenario, hydrocarbons would supply 50 percent of the world’s energy needs by 2050, versus 80% under a business-as-usual scenario.
Oil demand would peak in 2023 under this AET-2 scenario, followed by gas in 2035.
“This demand would be met instead through electrification with renewable power and zero-carbon fuels such as clean hydrogen. Despite this significant decline, any use of hydrocarbons to generate energy results in carbon emissions. Therefore, to achieve net zero emissions by mid-century, we would need to remove as much carbon dioxide as we put into the atmosphere, if not more, through natural sinks and carbon capture, utilisation and storage, including direct air capture.
Most companies have targets for Scope 1 and 2 emissions, but Scope 3 targets are less common. Regardless of scope, there is wide variability in how these targets are defined. Some companies set targets on a net equity basis, while others set targets only for operated assets. Many targets relate to emissions intensity, while a smaller number address absolute emissions. Additionally, there are differences in timelines and ambition,” reads the analysis released by the company.
Wood Mackenzie believes that to be meaningful and allow for comparison between companies and against global climate objectives, emissions targets should:
cover Scopes 1, 2 and 3, including third-party products sold
be based on net equity interests in all assets
encompass absolute and intensity-based targets
achieve net zero by 2050-2070
include short-and long-term targets.
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