The Low Carbon Economy Index
The first installment of the IPCC’s Fifth Assessment Report confirmed that the impacts of climate change are increasing, largely driven by anthropogenic GHG (greenhouse gas) emissions. The report also talks about the global carbon budget, i.e. the amount of CO2 emissions that can be emitted while still limiting global temperature rise to 2°C above pre-industrial levels. Exposure of communities to severe weather, increasingly precarious forest fires, drought, and other climate impacts is due if emissions continue relentlessly. The world then, will be on track to exceed the prescribed budget in only 30 years!
Global GDP grew by 3.8%, due to rapid growth in emerging economies like China and India. This economic growth led to a rise in global energy demand of 2.1%, a rate more than twice that in 2016. Fossil fuels being the main energy producers, the global emissions rose again – by 1.1% – having been continuously increasing for the past 3 years. Every year that our global economy is unsuccessful to decarbonise at the required rate, the 2°C goal becomes even more difficult to achieve.
What is the Low Carbon Economy Index?
The Low Carbon Economy Index is calculated by a UK based agency called, PwC UK. The calculations are done every year to showcase status of countries in carbon emission control that each nation has to carry out in order to meet the 2°C limit vocalized at the Paris meet.
It shows how difficult it will be to achieve an emissions pathway to 1.5 degrees. It’s because the carbon budget for 1.5 degrees is even smaller and the reduction trajectory even steeper. Here, the Low Carbon Economy Index tracks rates of low carbon transition in each of the G20 economies, comparing this with their national targets. Best performers in 2017 were China, Mexico, Argentina and the UK.
India’s position is quite formidable when compared to some western countries, in terms of economic growth, reduction in emissions, and green energy. Our country’s change in carbon intensity for the year (2015-16) was -1.6% which increased to -2.5% in 2017. Thus, increase in GDP (almost 7.1%) in the previous years led to lowering of carbon emissions by use of finer technologies, reduction in poverty, increased employment opportunities, and making renewable energy a major sector in development.
What needs to be done?
- Introducing SBTs
Reduction targets associated with the latest climate science in order to keep warming below 2°C are known as ‘Science Based Targets’ for GHG emissions. These provide a well-defined pathway for companies to mature sustainably by notifying essential GHG emissions reductions, and helping transition to a low-carbon economy.
- Implementation Of Renewable Energy Targets
The targets set by each country in order to combat climate change, which include introduction of green energy initiatives, green architecture, reducing use of fossil fuels, and implementing renewable energy initiatives like solar power, geothermal power, tidal power, etc. Are necessary to address the agenda put forth at the Paris Agreement. India is aiming to add about 175,000 MW capacity from clean energy sources by 2022. This includes 60% from solar energy, 30% from wind and the balance from biomass and small hydro plants.
- Increasing Energy Productivity
Energy productivity for running small and large businesses must be increased in a sustainable way. It is so that we use recyclable energy without putting undue pressure on our limited exhaustible resources, while at the same time develop as great economies in harmony with nature. According to BP Energy Outlook,India’s energy consumption is set to grow 4.2% a year by 2035, which is faster than all major economies in the world. This calls for increased energy production measures in order to meet the high energy need of a fast paced India.
- Adoption Of Low Carbon Mobility Solutions
Transportation is our need. Without it our world will not survive. Thus, improving technologies that address sustainable transport or green transport is must. It is a global requirement and no nation can back out or fall behind, as the world depends and demands countries to come together to achieve specific targets for continuation of life. India’s initiatives, like adoption of BS-6 in all vehicles by 2020 and electric vehicles by 2030, prove our country is working on par with nations all over the globe to reduce carbon emissions. Examples include Ola, a domestic cab aggregator, exploring opportunities to deploy electric cabs in major cities of India, the Department of Heavy Industry revising its incentive scheme to encourage adoption of electric vehicles, and several original equipment manufacturers (OEMs) partnering on domestic manufacturing of lithium-ion batteries.
Whatever the fate of this world, it is to be understood that humans have a far greater power than we take credit for. Keeping this in mind, nations need to appraise and approve each other while making way for a carbon free economy, which eventually will lead to a balanced world.
