Decarbonization
Decarbonisation is the process of reducing the amount of carbon dioxide (CO2) and other greenhouse gases (GHGs) released into the atmosphere, primarily through the transition to low-carbon energy sources and the reduction of carbon emissions across various sectors. The goal of decarbonisation is to achieve a low-carbon economy and mitigate the impacts of climate change by limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C
Key Regulatory Actions
- European Climate Law: The European Union has committed to carbon neutrality by 2050 and raised the emissions reduction objective for 2030 from 40% to 55%.
- Fit-for-55 Package: The EU is developing a legislative package to review and reform existing energy and climate regulations.
- Next Generation EU Funds: The EU has approved funds to support the recovery and implementation of climate measures
Key Challenges
- Electrification: The integration of renewable energy sources into the grid and the electrification of end uses are critical for efficient decarbonisation.
- Cost and Competitiveness: Decarbonisation requires significant investment and can be costly, especially for sectors where electrification is not competitive.
- Global Cooperation: Decarbonisation efforts require international cooperation and coordination to achieve the ambitious targets set by the Paris Agreement
Key Benefits
- Economic Growth: Decarbonisation can drive economic growth through the development of green technologies and sustainable industries.
- Job Creation: The transition to a low-carbon economy can create new job opportunities in the renewable energy sector.
- Environmental Protection: Decarbonisation helps protect the environment by reducing the concentration of GHGs and mitigating the impacts of climate change
Reference
Decarbonization cannot wait
Decarbonization is shorthand for finding alternative ways of living and working that reduce emissions and capture and store carbon in our soil and vegetation. It requires a radical change in our current economic model which is focused on growth at all costs. We must transform how energy is generated and different sources of energy we use, how we build and move around, and how land resources are managed.
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Decarbonizing the energy sector
The oil and gas industry holds a unique position in the global energy transformation. Combustion of fossil fuels represents the single largest source of carbon dioxide emissions worldwide, with oil and gas representing 60% of fossil fuel emissions in 2021. The industry is also one of the largest contributors of methane emissions. To meet the goals of the Paris Agreement and avoid catastrophic irreversible climate change, the sector must undergo a rapid and profound transformation.
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Industrial Decarbonization Roadmap
The U.S. Department of Energy’s (DOE) “Industrial Decarbonization Roadmap” identifies four key pathways to reduce industrial emissions through innovation in American manufacturing. The roadmap presents an agenda for government, industry, and other stakeholder to work together to accelerate emissions reductions and position the U.S. industrial sector as a global leader in innovation.
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Resources
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