BAKU, Azerbaijan, September 29. The global electricity consumption is projected to double by 2050, Boston Consulting Group (BCG), headquartered in Boston, Massachusetts, told Trend.
BCG underlines the critical importance of addressing this surge while mitigating methane emissions, which contribute approximately 10% of long-term energy-related greenhouse gas emissions.
Highlighting the gravity of the methane issue, BCG underscores that methane boasts significantly higher global warming potential compared to CO2, with its impact ranging from 120 times greater in the first year to 28 times greater over a century. Alarming as it is, methane emissions still account for about 10 percent of energy-related greenhouse gas emissions. Encouragingly, BCG points out that approximately 60 percent of methane emissions from the oil and gas sector can be curbed using existing technologies. Moreover, cost-effective reductions in methane emissions of over 25 percent were feasible at 2017–2021 price levels, with even more substantial reductions of over 40 percent possible at 2022 prices.
BCG's strategy for addressing these challenges involves a phased approach. Through 2030, the focus remains on proven technologies, including energy efficiency, electrification of end uses, solar photovoltaics, and wind energy. In the 2030s, emerging technologies such as grid-scale batteries, innovative nuclear reactors, low-carbon hydrogen, and carbon capture, utilization, and storage will come to the forefront, provided they receive adequate investment and commitment. Moreover, BCG underscores the urgent need for substantial investment in direct air capture in this decade to reduce its cost in the coming decades. Looking further ahead, BCG suggests that transformative technologies like fusion could potentially revolutionize the landscape in the long term.
BCG's comprehensive approach aligns with the growing urgency to address both rising electricity demand and methane emissions, with the aim of safeguarding the planet's future against the escalating threats of climate change.
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