Transitioning Towards a Decarbonized Economy: What Should be the Next Step?
The global economy today is primarily built on the foundations of corporations and industries which systematically work towards economic development. In order to function, these processes require the consumption of energy, mostly in the form of non-renewable resources like fossil fuels.
The industries which dictate the ebb and flow of the global economy are responsible for roughly 36.7 billion metric tons of CO2 being released into the earth’s atmosphere. This is detrimental to the need of the hour, which is reducing industrial carbon footprints.
The pursuit of the same is often hypothesized by transitioning towards a decarbonized economy, one that achieves the goal of financial growth while keeping global warming at bay.
What is Decarbonization?
The conscious pursuit and processes involved in significantly reducing the amount of carbon emissions industries and human beings may produce into the earth’s atmosphere is called decarbonization.
Statistics show that emissions from on-site fuel combustion, industrial processes, and indirect emissions from purchased energy and heat. Without indirect emissions accounted for roughly 19 per cent of worldwide anthropogenic GHG emissions.
As aforementioned, these industries thrive on energy which fuels the global economy. Therefore, the pressing need is to achieve a global decarbonized economy, one that needs to reach a net-zero pf greenhouse gas emissions by 2050. In addition to the same, the Intergovernmental Panel for Climate Change notes that the emissions need to stay within the safe 1.5-degree threshold of global warming to be able to effect any significant change towards the future.
Understanding the sheer levels of power consumption today, a decarbonized economy can be built on the foundations of the existing systems but with renewed changes all across economic activities such as industries, constructions, buildings and transport. Given these changes within a decarbonized economy are put into place, one should be able to see a tangible change of about 30-50% reduction in carbon emissions by the year 2030.
The Necessity of Transitioning Towards a Decarbonized Economy
Climate change and its foreseeable effects across the globe have been a growing concern plaguing scientists, world leaders and economists alike. The main objective that seems to work in favour of limiting the effects of global warming is to get to net-zero carbon emissions and keep global temperatures from rising over 2 degrees. Therefore, the standard inference from all data and projections is to begin working towards a fully decarbonized economy and industries within it.
A decarbonized economy is fundamental to making a smooth transition towards less-carbon based industries and lifestyles since it is the first thing that affects corporations and people across all income groups. The sooner a decarbonized economy is established, the higher would be the chances to turn the tide against climate change and global warming.
Decarbonized Economy: The Steps Ahead
Economies are largely built on industries, stakeholders, investors and interdependent corporations that build on a global scale. The foremost step has already been in effect across most countries, where working towards a decarbonized economy begins with making it an agenda for those who can take the formative steps.
The corporations themselves need to understand the cost and energy-efficient benefits of transitioning to a decarbonized model of operations. These industries which run on energy have to move towards investing in low carbon solutions like renewable energy, clean transport, and power-efficient infrastructure. To effectively establish a decarbonized economy, its industries have to shift towards operative equipment with little to no emissions on an industrial scale.
To adapt fully into a decarbonized economy, the steps do not stop at energy-efficient industries. They trickle down to infrastructure, transport and technology, which runs on non-renewable energy. Therefore, people should partner with trusted electrical and technological service providers to design clean and green equipment that contributes to the global pursuit of a decarbonized lifestyle.
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