In focus: Advanced economies should pave the net-zero way as bolder action is needed
In focus: Advanced economies should pave the net-zero way as bolder action is needed - Offshore Energy
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In focus: Advanced economies should pave the net-zero way as bolder action is needed
Although achieving the current net-zero targets is still possible due to the fast-paced development of clean energy technologies, experts believe that we need to make moves that are more strategic. The International Energy Agency (IEA) believes that “bolder action” is necessary this decade and that advanced economies should be the ones paving the way.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”