Zero emission vehicles, wind and solar power seen taking off – climate report

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  • Likely changes will limit warming below 2 degrees Celsius
  • But 1.5 degrees unlikely with no more action now
  • Policy change will be at the center of COP26 climate discussions

LONDON, Oct. 18 (Reuters) – Government policy changes tackling global warming could result in zero-emission vehicles accounting for around 30% of all vehicles on the road by 2030, with wind and solar providing 30% of global electricity production, tripling current levels, a policy report expected Monday.

Rapid changes in food and land use systems would also play a “critical role” with consumption of “peak meat” around 2030, helping the planet’s land to absorb more carbon within 30 years, according to the Principles for Responsible Investment report supported by the UN, a leading sustainable investment organization.

As part of its ‘forward-looking political scenario’, seen as the most likely, the report predicted ‘dramatic’ and ‘far-reaching’ policy changes by 2025 in the energy, transport, transportation, and transportation sectors. industry and food.

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Such a political acceleration would keep warming less than 2 degrees Celsius above pre-industrial levels by mid-century, he said.

However, the global goal of limiting warming to no more than 1.5 ° C would be out of reach without faster action, according to the report, released ahead of the COP26 global climate talks next month in Glasgow.

Drawing on insights from more than 200 global policy experts, the PRI’s climate prediction group’s report, Inevitable Policy Response, analyzes the likely direction of shifts in the years to come, to inform the investment practices of managing investors. $ 120 trillion in assets.

Strategic partners involved in IPR include BlackRock (BLK.N), Goldman Sachs Asset Management (GS.N) and Nuveen.

“BlackRock believes that climate risk is an investment risk and that assessing climate risk on the road to net zero requires credible scenarios describing not only what is possible but also what is likely,” said Ashley Schulten , Head of ESG Investments, Global Fixed Income at BlackRock.

“The policy forecasts detailed in this work help the market conceptualize the key changes that could occur in energy and land systems across the world if the predicted acceleration in climate policy occurs.”

Describing what would be needed to meet the 1.5C result, the report states in its “Required Policy Scenario” that the world should end deforestation, ideally by 2025; completely stop relentless coal burning by 2035; and phase out new fossil fuel cars in almost all markets by 2040, while achieving 100% clean energy globally by 2045.

The gap between forecasts and required scenarios meant that “companies, investors and governments that have committed to achieving net zero by 2050 need to step up their efforts more than ever,” said Alex Bernhardt, global manager of sustainable development research at BNP Paribas Asset Management.

“This is the key message as we approach COP26.”

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Reporting by Simon Jessop Editing by Frances Kerry

Our Standards: The Thomson Reuters Trust Principles.

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