BAKU, Azerbaijan, September 29. The Boston Consulting Group (BCG), headquartered in Boston, Massachusetts, has underscored the urgent need for a seismic shift in global energy production and consumption.
Fossil fuels, which currently account for a staggering 80% of global energy use and contribute 70 percent to 75 percent of greenhouse gas (GHG) emissions worldwide, are at the heart of the climate crisis, BGG told Trend.
Alarmingly, coal alone is responsible for more than a quarter of global emissions.
To combat this impending catastrophe, BCG insists that renewables must undergo a meteoric rise, increasing their share from a mere 12 percent of energy supply in 2021 to an ambitious range of 50 percent to 70 percent by 2050. Achieving this goal necessitates a tenfold increase in solar and wind generation capacity and a substantial 2.5-fold expansion of global electric grids. Such expansion efforts must be accompanied by significant investments in both sectors. Additionally, it is imperative to address emissions stemming from the remaining use of fossil fuels, particularly focusing on mitigating methane emissions.
The potential for renewables is staggering, with the capacity to fully cover current energy demands in most countries through solar photovoltaics and wind. Remarkably, for a majority of the global population, the renewable energy potential surpasses current energy demands by a factor of ten to a hundredfold. However, BCG acknowledges that some economically advanced countries, such as Japan, South Korea, and many European nations, face complex challenges related to land use, including the competing demands of agriculture and biodiversity preservation.
BCG emphasizes that countering climate change necessitates renewables gradually wresting market share from hydrocarbon sources, while hydrocarbon demand must witness a steep decline. Regrettably, the global demand for coal and oil has yet to show clear signs of peaking, intensifying the urgency for immediate action to avert a climate catastrophe of unprecedented proportions.
Follow the author on X: @Lyaman_Zeyn