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Too Late for 2 Degrees Climate Change?: Big Decarbonization Needed

11/13/2012 4:51:22 PM

Tags: climate change 2 degrees, 2 degree climate change, CO2 reductions, average global temperature increase, pricewaterhousecoopers, understanding climate change blog, mother earth news

A Nov. 5, 2012, press release from consulting giant PricewaterhouseCoopersLLP warns current CO2 reductions put us on target for 6 degree average global temperature increase.

The annual rate of reduction of carbon emissions per unit of GDP needed to limit global warming to 2 degrees Celsius has passed a critical threshold, according to new analysis from PricewaterhouseCoopers. The rate of reduction now required has never been achieved before.

The analysis in the PwC Low Carbon Economy Index, measuring developed and emerging economies progress towards reducing emissions linked to economic output. It demonstrates that at current rates of emissions growth at least 6 degrees of warming could be possible by the end of the century.

The report shows that while the increase in emissions intensity in 2010 has been reversed, with only a 0.7 percent reduction globally in 2011, it's a fraction of what is required against the international commitment to limit global warming to 2 degrees. To limit global warming to 2 degrees would now mean reducing global carbon intensity by an average of 5.1 percent a year – a performance never achieved since 1950, when these records began.

The report warns that "governments and businesses can no longer assume that a 2 degrees warming world is the default scenario." It adds that any investments in long-term assets or infrastructure, particularly in coastal or low-lying regions, need to address far more pessimistic scenarios.

2 degrees climate changeWith less than four weeks to the UN Climate Summit in Doha, the analysis illustrates the scale of the challenge facing negotiations. The issue is further complicated by a slow market recovery in developed nations, but sustained growth in E7 economies which could lock economic growth into high carbon assets.

Emerging markets' previous trends on carbon emissions reductions linked to growth and productivity have stalled, and their total emissions grew by 7.4 percent. By contrast, the UK, France and Germany achieved record levels of annual carbon emissions intensity reductions, but were helped by milder winters.

Jonathan Grant, director, sustainability and climate change at PwC said, "The risk to business is that it faces more unpredictable and extreme weather, and disruptions to market and supply chains. Resilience will become a watch word in the boardroom - to policy responses as well as to the climate. More radical and disruptive policy reactions in the medium term could lead to high carbon assets being stranded.

"The new reality is a much more challenging future in terms of planning, financing and predictability. Even doubling our current annual rates of decarbonization globally every year to 2050, would still lead to 6 degrees [emphasis added], making governments' ambitions to limit warming to 2 degrees appear highly unrealistic."

The pace of reducing global carbon intensity has been slow despite growing international focus on climate change. The financial crisis has dampened progress further, with carbon intensity falling less than 1 percent in the four years since it began.

Leo Johnson, partner at PwC said, "While we've reversed the increase in emissions intensity reported last year, we're still seeing results that are simply too little too late. We've now got to achieve, for the next 39 years running, a target we've never achieved before."

"This isn't about shock tactics; it's simple math. We're heading into uncharted territory for the scale of transformation and technical innovations required. Whatever the scenario, or the response, business as usual is not an option."

Jonathan Grant, director, sustainability and climate change, PwC said, "The challenge now is to implement gigaton-scale reductions across the economy, in power generation, energy efficiency, transport and industry, as well as REDD+ in forested nations."

Examining the role of shale gas, PwC's report suggests that at current rates of consumption, replacing 10 percent of global oil and coal consumption with gas could deliver emissions savings of around 3 percent a year (1gt CO2e per annum). However the report warns that while it may "buy some time,” it reduces the incentive for investment in lower carbon technologies such as nuclear and renewables, and could lock in emerging economies with high energy demand to a dependence on fossil fuels.

Want to take action to keep us on target for only 2 degrees average global temperature increase? Attend a Do the Math Tour 2012 event, hosted by 350.org.

Photo by Fotolia/Kwest



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Post a comment below.

 

t brandt
11/15/2012 10:40:19 AM
Without arguing whether or not co2 actually impacts climate, the cost of implementing the goals of co2 reduction would be on the order of $ 4 QUAD-drillion. Keep in mind that the GDP of the entire world is $65 TRI- lion per yr. ( A quadrillion is 1000 trillion.)...We couldn't do it even if we wanted to...BTW- did you notice in the news this week that the EU has suspeneded its carbon tax on airlines because it was costing too much and tourism was down?....Oh, and did you know that the now defunct Chicago Carbon Exchange was owned by, among other notable political (Democrat) dignitaries, Al Gore?










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