Net-Zero Emission Goal Requires Exponential Growth in Key Technologies
The net-zero industry will require exponential growth from carbon capture, hydrogen, and clean power technologies. Carbon capture technologies, according to the research, will be critical in decarbonizing the industry. It did, however, state that moving to a net-zero industry will necessitate major investments in new technologies and infrastructure.
Because industrial production accounts for a sizable amount of global greenhouse gas emissions, decarbonization of industry is an essential component of any effective climate change mitigation strategy.
Carbon capture, according to the paper, will play a crucial role in decarbonizing the cement industry, which is responsible for large emissions due to the chemical process of converting limestone to lime.
As feedstock and heat sources, hydrogen technologies are projected to play a key role in decarbonizing the steel and petrochemical industries.
According to the analysis, while electrification and hydrogen pathways are the most probable technologies to compete on cost with conventional production methods, hydrogen will not be commercially available until about 2035.
According to the paper, fuel switching, bioenergy, recycling, and carbon capture may reduce emissions today and are adopted earlier in BNEF’s least-cost modeling, helping to keep global warming below two degrees Celsius.
China is currently the most important element in the push towards net-zero industry, producing half of the world’s steel, aluminium, and cement.
While the country has yet to release a precise technology roadmap, its scaling power has the potential to transform the economics of hydrogen or carbon capture for the rest of the world.
Following exponential expansion in material production, output reduction and an emphasis on quality rather than quantity will put the country on the path to net-zero emissions by cutting production.
The United States is likewise in a good position to decarbonize. the steel industry is mostly electrified, and the petrochemical industry already has experience in hydrogen and carbon capture. Through hefty tax incentives, the newly approved Inflation Reduction Act will make these technologies viable for industry.
The United States and Europe will serve as a worldwide testing ground for net-zero production routes. The majority of early pilot projects for low-carbon production are located in these locations and will serve as a model for the rest of the world.
India will be the focus of the net-zero industry in the future since its industrial emissions are expected to more than double by 2050.
The World Economic Forum (WEF) just launched a fundraising instrument to unlock the $3 trillion in annual funding required to achieve net zero, reverse nature loss, and restore biodiversity by 2050. The vehicle’s primary goal would be to direct philanthropic resources towards net-zero goals.
The United Nations Climate Change Conference COP27 emphasized the need for $4 trillion in annual worldwide investments in renewable energy through 2050.
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