Decarbonizing the power sector: Towards Low carbon pathways
As the world’s energy sector moves away from fossil fuels towards renewable energy sources, industrial companies are challenged with addressing this transition in transformative ways. To change course, the world must act quickly to decarbonize every aspect of modern life, from transportation to power. This requires a global effort built on cooperation and coordination from every major institution, government, and company to face and meet the challenge.
As of December 2020, 127 countries have either set net zero emissions targets or declared intentions to do so, representing cumulatively, around 63% of global emissions. The recent wave of net zero targets has brought global emissions trajectories closer to the Paris Agreement’s 1.5°C goal.
Globally countries are taking net zero pledges which is resulting in interim targets and policy revisions with wide-reaching impacts, including risks and opportunities for businesses, as countries chart courses towards meeting their net zero targets.