As we reach the halfway mark between the landmark Paris Agreement of 2015 and the crucial milestone of 2030, global energy-related emissions are still on the rise. According to DNV’s latest Energy Transition Outlook, these emissions are projected to peak in 2024. To meet the Paris Agreement’s target of limiting global warming to 1.5 degrees, the world needs to accelerate the deployment of clean technologies and achieve faster decarbonization across all regions.
Transformative Changes Ahead
By 2050, the global energy landscape will undergo significant transformation, driven by decarbonization and electrification. Non-fossil fuel sources are expected to make up 52% of the energy mix by mid-century, a substantial leap from the current 20%. Wind power generation will increase tenfold, while solar energy will see a 17-fold growth by 2050. Shipping, in particular, is set for rapid transition, spurred by the International Maritime Organization’s (IMO) new decarbonization strategy and its inclusion in the EU’s Emissions Trading Scheme.
In addition to renewables, advanced economies are leading a “race to the top” for decarbonization, spurring innovation in hydrogen and carbon capture and storage technologies. However, climate change is already affecting food security and supply chains, underscoring the need to transform the global food system. Seafood will play a crucial role in this shift by reducing land use change and freshwater consumption, helping build a more sustainable food system.
Remaining Challenges
Despite the shift towards clean energy, much remains to be done. DNV’s forecast shows that by 2030, global CO2 emissions will only be 4% lower than today and 46% lower by 2050—falling short of the net zero target. At COP28, the global stocktake will provide a clearer view of progress and highlight areas where more action is needed to achieve the Paris Agreement’s goals.
DNV’s Role at COP28
DNV is actively working with customers, policymakers, and industry stakeholders to overcome challenges and accelerate the energy transition. As part of the Norwegian business delegation at COP28, DNV will showcase its contributions across industries, from energy and shipping to food and manufacturing. The Norwegian Pavilion will host discussions on how businesses can drive the energy transition, with insights from DNV experts.
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Source: dnv.in
