What is Net Zero?
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Why Net Zero is so important
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What are the steps to achieve Net Zero
The latest IPCC report is a “code red” for humanity. There will be disastrous consequences if we do not halt global warming. Net Zero or Carbon Neutrality refers to achieving a global net-zero for human-caused carbon dioxide emission by 2050 to prevent the worst of climate change. The goal is to limit global temperature rise to 1.5C.
Why Net Zero is so important.
Why 1.5C, you ask? Currently, it is estimated that human activity has caused 1.0C of global warming above pre-industrial levels. Global warming is projected to increase to 1.5C in the coming decade. Scientists have concluded that if average global temperatures rise above 1.5C, the consequences will be disastrous. We are talking about heat waves, coastal floodings, and irreparable damage to our ecosystems.
A significant contributor to global warming is greenhouse gas emissions, more specifically, carbon dioxide emissions. Currently, our carbon budget is set to be 400 Billion. We are pumping out 40 billion metric tonnes into the atmosphere annually, and we are set to exhaust that budget by the end of the decade. That is when things go from bad to worse.
What are the steps to achieve Net Zero?
You’re probably thinking, “OMG, what do we do now?” And the answer is quite simple. We must cut all greenhouse gas emissions. But that seems impossible, right? Only if we continue down the path we are heading towards now.
In order to achieve Net Zero, we must take action to cut greenhouse emissions. This takes the form of switching to 100% renewable energy resources and carbon offsetting. The International Energy Agency has outlined some goals that nations must take moving forward:
- Annual clean energy investments will have to reach $4 trillion by 2030 to reach net-zero emissions.
- Significant clean energy innovation efforts must take place this decade
- Major overhaul of fossil fuel usage
- Move away from coal, oil, and natural gas production
- Stop the sale of internal combustion cars by 2035
- Electricity generation will have to reach net-zero emissions by 2040
- Major switch to renewable sources for electricity – hydropower, hydrogen-based fuels, batteries, etc.
While we can all individually make strides to reduce our carbon footprint, it is ultimately up to world leaders and governments to enact policies that directly target emissions. Climate action must be taken up by all global institutions together. This means helping out countries with infrastructure and economic needs so that these countries can be a part of the change. Climate change ultimately affects developing nations worse than developed nations.
At Physis, we believe that you have the power to make an impact. That is why, through our innovative platform, we make it easy to understand what are the impacts of your investments. Through our sustainable products report feature, you can see what the companies in your portfolio are producing that are sustainable. Our platform also allows you to see which companies in your portfolio align with the UN SDGs. Be a part of the change today by joining us.
Sources:
https://www.iea.org/reports/net-zero-by-2050
Here’s What You Need To Know About The 2020 Global Carbon Budget