Despite energy crises and international challenges, the world still has a way to achieve carbon neutrality if it takes the right steps.

This is the conclusion of a report by the United Nations Economic Commission for Europe, Unece, released on Monday.

Investment considers possible delays

The document reflects the views of international and statistical experts from Europe, North America and Central Asia and lists a number of policy and technology solutions for the region to achieve carbon neutrality by 2050.

The study reveals that energy investment based on a percentage of Gross Domestic Product, GDP, will have to rise from 1.24% in 2020 to 2.05% per year from 2025 to 2050.

This values the amount needed between $44.8 trillion and $47.3 trillion by 2050 considering any additional delay in taking action.

Extreme temperatures wreak costly havoc

One example is the costs of events caused by extreme temperatures, recorded this summer and during the last few years. The lack of action costs society much more.

Unece, executive secretary of the Economic Commission for Europe, says the lack of action is a political choice that will lead to even greater challenges in the future. Olga Algayerova believes that only immediate and sustained actions can decarbonize energy to prevent a climate disaster.

The UN report is a grim reminder that increased investment in fossil fuels is an illusion from the moment low- and zero-carbon technologies are available.

The UN commission says governments need to embrace policies in support of carbon neutrality by creating ways to fund a fair transition to carbon-neutral energy systems.

Currently, more than 80% of the primary energy mix in Unece-covered countries is based on fossil fuels. Climate models indicate that national actions at the moment, and the international targets of the Agreement and Paris and COP26 fail to carbon neutrality and the goal of maintaining global temperature at up to 2°Celsius.

The report indicates that to achieve neutrality you will need:

• Diversify the primary and final energy supply with all low- and zero-carbon technologies.
• Accelerate the phasing out of fossil fuels.
• Increase the electrification of all sectors with a focus on renewable energy and nuclear energy. New forms of energy storage (electrical, mechanical, thermal and chemical) will need to be developed to reduce the need for energy backup.
• Build capacity to support widespread innovation in low- and zero-carbon technologies including carbon sequestration, use and storage, Ccus, hydrogen and advanced nuclear power.

Although approaches are different at the sub-regional level in Europe, the report points to specific policies for governments. The document also calls for increased technology transfer and the mobilization of institutional capacity to plan to drive transformative energy systems. These actions can support the adoption of these measures by all stakeholders to form safe and affordable carbon-neutral systems.

Countries should also take into account the comparative impact of technologies. The report recalls that coordinated international cooperation is essential to achieving carbon neutrality. The UN agency provides a platform for these new standards rules and standards of a lifestyle that integrates these changes into public-private partnerships.

This week, the Palace of nations, the HEADQUARTERS of the UN in Geneva, hosts sustainable energy week, which is home to representatives of the 56 unece countries. The event discusses the formation of cleaner energy systems.

The organisers recall that Covid-19 was just one of a series of crises faced by the European region, which translates into challenges and exposes the vulnerabilities of energy systems.

Source: ONU news