BAKU, Azerbaijan, September 29. In a pressing call to action, global efforts to limit the rise in global temperatures to 1.5°C above preindustrial levels are falling far short of the necessary pace, Boston Consulting Group (BCG), headquartered in Boston, Massachusetts, told Trend.
Experts warn that we must rapidly transition to renewable and low-carbon energy sources to match the speed at which coal and oil once dominated the energy landscape. This transition must occur approximately three times faster than the rise of these carbon-intensive commodities. According to the International Energy Agency's (IEA) Net Zero Emissions scenario, renewables should comprise up to 70% of primary energy sources by 2050.
However, the reality paints a grim picture. Current policies in place are on track to allow global temperatures to rise by a staggering +2.7°C by 2100. Moreover, key sectors like industrial manufacturing and buildings are failing to make the necessary strides in transitioning to cleaner energy sources.
The consequences of this slow response are dire, affecting both the natural world and the well-being of people worldwide. Evidence of these impacts is becoming increasingly evident, and the urgency to act cannot be overstated. While we possess the technological tools to reach net-zero emissions, the absence of comprehensive policies, proven business strategies, and the necessary capabilities worldwide hinders the acceleration of these efforts.
It is imperative that all stakeholders, both in the private and public sectors, step up their efforts to unlock substantial progress in averting the looming climate crisis.
Follow the author on X: @Lyaman_Zeyn