If we are not to avoid a fairly catastrophic amount of global warming, steps have to be started now to re-engineer the world, but they will only cost 1 per cent of GDP, according to an authoritative new report
If nothing is changed, According to the Intergovernmental Panel on climate change, there will be a 130 per cent rise in CO2 emissions by 2050 and a 6 deg C or more rise in average global temperatures.
On the other hand, according “Energy Technology Perspectives 2008”, just published by the International Energy Agency, we can cut these emissions by 50 per cent by the same date, for a world wide expenditure of $1.1 trillion, about 1.1 per cent of global domestic product per year over the time period. The models assume that at the end of this, the reductions will come from: end use fuel efficiency 24 per cent, electricity end user efficiency 12 per cent, electrification 6 per cent, total renewables 21 per cent, hydrogen fuel cell vehicles 4 per cent, power station carbon capture and storage 10 per cent, carbon capture in industry and transformation 9 per cent, nuclear 6 per cent, power station fossil fuel switching and efficiency 7 per cent and end use fuel switching 1 per cent.
For more information: www.iea.org