Governments, investors and businesses could halve global carbon emissions by 2040.
That’s according to the Energy Transitions Commission (ETC), which says it is technically and economically feasible to provide affordable, reliable, clean energy for all while meeting the Paris Agreement climate targets.
It adds immediate action is needed to make the most of falling renewable energy installation and battery costs.
The report suggests energy productivity could be increased by around 3% a year if the right policies are implemented.
Rapid progress is required on a range of “secondary technologies”, including bioenergy, hydrogen and carbon capture and storage (CCS) to drive complete decarbonisation.
The ETC says even with large scale CCS deployment, which is currently not on track, fossil fuel use must fall 30% by 2040.
This would necessitate the rapid decline of coal-fired generation.
Adair Turner, Chair of the ETC, said: “We are ambitious but realistic. Despite the scale of the challenges facing us, we firmly believe the required transition is technically and economically achievable if immediate action is taken.”
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