The UK-based leading research and consultancy group Wood Mackenzie suggests that reducing carbon emission will be key to reaching the Paris Agreement’s goal of curbing the rise in global temperatures at 1.5 degrees Celsius or 2 degrees Celsius.
In a recent report, Wood Mackenzie states that even if the Paris Agreement targets are met the world will continue to rely on fossil fuel that will account for 37 percent of primary energy demand in 2050. This underscores the need to actively remove emissions by around 1.8 billion tonnes of carbon dioxide equivalent over the next 30 years in order to reach the mandated 1.5 degrees Celsius target.
“Under Wood Mackenzie’s 1.5°C Accelerated Energy Transition scenario, the world will still be producing, and using, just shy of 30 million barrels of oil per day in 2050. At the same time, global natural gas consumption will total around 3,200 billion cubic meters, despite significant growth in renewables. We must think in terms of carbon avoidance and carbon removal, which means accelerating the upscaling of carbon capture utilization and storage, starting now.”
The report of Wood Mackenzie comes after the International Energy Agency (IEA) urged countries to cut down new fossil fuel investments and limit sales of internal combustion engine-based passenger cars by 2050 to achieve the net-zero emission targets.
Carbon capture, utilization and storage could be a good option to help lower the energy impact of certain industries. Technology has also become popular with industries, including energy, as a way to reach climate goals, Wood Mackenize said.
“CCS (carbon capture storage) clusters can play a pivotal role in harnessing economies of scale. Synergies are greatest where industrial point sources are near each other and a viable storage site,” the report said.
Globally, around 33 gigatonnes of carbon dioxide were emitted in 2019. CCS projects across the world are only able to capture a fraction of the emissions, at approximately 40 million tonnes per year.
“If we are to have an impact on emissions, there needs to be a far more urgent and broader discussion of the viability of basin-wide CCS. Success will require economies of scale to triumph over economies of scope,” said Mr. Neeraj Nandurdikar, global head of power and renewables at Wood Mackenzie.