Page 15 - Tcexpression2021 - Sept to Dec 2020

2019 has been a record year witnessing drastic change Reducing energy-related CO emissions to limit climate
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towards sustainability and the emissions from the change is pivotal to the global energy transition.
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energy sector has remained more or less flat . While Renewable energy and the adoption of energy
coal-based generation’s contribution has reduced by efficiency measures can achieve up to 90% of the
3%, the renewable-based generation has increased required carbon reductions, with two-thirds coming
more than the electricity demand growth . Researchers from renewable energy alone .
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say that global carbon emissions have dropped by
an estimated 2.4 billion metric tons this year due to It is good news that many of the finance sector asset
the coronavirus-induced lock downs . Though this managers and non-finance sector organisations,
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is welcome, there is every chance that this value will including oil and coal companies, are investing in
rebound once we return to normalcy post covid unless renewable assets as a step towards meeting their
urgent action is taken. carbon neutrality goals.

Total CO emissions from all sectors (Gt CO /yr) Reference CO emissions reductions
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2
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50 Case
45 10% Others
40 Renewable energy
35 44%
30 Electrification with
renewables
25 14%
20 ReMap Energy efficiency
15 32% Notes: Includes energy, non-energy use, process
and fugitive CO emissions; the Reference Case
10 is most likely case based on current and planned
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5 policies and expected market developments; the
REmap case is a low-carbon technology pathway
0 that goes beyond the Reference Case for an energy
2015 2020 2025 2030 2035 2040 2045 2050 transition to decarbonise the energy system in
line with the goal in Paris Agreement of limiting
Figure 1: Primary CO emission reduction potential by technology 2015-2050 3 global temperature rise to less than 2 C above pre-
0
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(Renewable energy: 44%, Electrification with renewables: 14%, Energy efficiency: 32% & others: 10%) industrial levels with a 66% probability; yr = year.

3 IRENA Global Renewable Outlook 2020 & Climate policy 4 https://www.dw.com/en/global-carbon-emissions-down-by-record-7-in- 2020/a-
55900887 Global Carbon Budget 2020
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