{"id":44088,"date":"2021-05-20T14:33:48","date_gmt":"2021-05-20T13:33:48","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=44088"},"modified":"2021-05-26T13:32:58","modified_gmt":"2021-05-26T12:32:58","slug":"iea-net-zero-roadmap-means-businesses-governments","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2021\/05\/20\/iea-net-zero-roadmap-means-businesses-governments\/","title":{"rendered":"What the IEA net zero roadmap means for businesses and governments"},"content":{"rendered":"

The International Energy Agency this week published its first ever roadmap to net zero emissions by 2050 for the global energy sector, bringing much-needed clarity to the task of meeting the Paris Agreement targets.<\/strong><\/p>\n

This roadmap\u00a0shows that net zero has become mainstream, fossil fuels must be phased out urgently and that those businesses that work towards cutting their emissions in line with\u00a01.5C\u00a0will be in the best position to thrive.<\/p>\n

Until now, there\u202fwas\u202fno clear guidance on what net zero really means. It is not the same for Germany, the US or China. It is not the same if you produce steel, beverages or clothes. This roadmap helps provide that guidance.<\/p>\n

For the private sector,\u202fguidance on net zero\u202fcomes from\u202fthe Science Based Targets initiative (SBTi), which relies on the IEA\u202fscenarios. The SBTi\u202fhas come to represent the mark of scientific rigour for companies that are seriously working to reduce their footprint aligned with the Paris Agreement. It\u202fis now consulting on a Net Zero Standard for the private sector, due to be released in November this year. The standard will include guidance to help companies set science-based, net zero targets.<\/p>\n

Want more climate news?\u00a0<\/b>Sign up to get updates straight to your inbox<\/a><\/p><\/blockquote>\n

The IEA roadmap says the energy sector will be dominated by renewables and there is no need for investment in new fossil fuel supply. It highlights\u202fthe urgent need to shift away from coal burning.<\/p>\n

With 300+\u202fbusinesses already\u202fswitching to 100% renewable electricity\u202fthrough\u202fRE100 and a growing number of power utilities aligning their emissions reductions with the 1.5C target, through science-based targets, many businesses already see this in the future.\u202fThe IEA roadmap reinforces the trend. What is needed now is for governments to adopt supportive policies, like phasing out coal use and ending fossil fuel subsidies.<\/p>\n

An increase in investments in grid infrastructure is also specified in the roadmap along with a lower reliance in carbon capture and storage (CCS) compared to previous reports. Net zero hinges on an unprecedented clean technology push, through to 2030, and requires huge leaps in clean energy innovation. This\u202fagain provides clarity for business\u202fon where to focus their efforts and resources. It reaffirms\u202fthe recent conclusions from\u202fthe Energy Transition Commission\u202fon\u202felectrification<\/span><\/a>\u202fand\u202f<\/span>hydrogen\u202fwhich\u202fconclude that massive clean electrification will be the primary route to decarbonization, complemented by hydrogen in the harder-to-abate sectors.<\/a><\/p>\n

Action cannot wait. To arrive at net zero by 2050, global emissions must halve by 2030.<\/p>\n

With a few weeks until\u202fthe G7 summit, the business community has very clear asks to leaders\u202fin line with the IEA roadmap to\u202fnet zero:<\/p>\n