there is an urgency among countries like the UK to increase their commitment to net zero emissions by 2050, seeing that the cost of inaction outweighing the enormous cost of action.
The impact of global climate change is undeniable. Although the estimates of the cost of economic impact vary greatly, there is an urgency among countries like the UK to increase their commitment to net zero emissions by 2050, seeing that the cost of inaction outweighing the enormous cost of action. The UK has recorded the fastest reduction in carbon emissions, since 1990, catching up and surpassing the other G7 economies. In 2019, it made another step ahead by legally committing to a net zero transition by 2050. Its ambitious net zero strategy, which sets out all policies to support that transition, is a showcase for all countries which are also expected to follow similar directions. Policies towards net zero emissions in energy, residential and transport sectors come with challenges and obstacles. From high opportunity and abatement costs of phasing out fossil fuels to speculative assumptions on net benefits and limitations of new technologies, such challenges and obstacles cannot be overlooked. Behavioral shifts among consumers are important to support net zero transition, while interventions on that direction can be cost-effective. Another key aspect of policies is action at the global context, with international cooperation providing great benefits.
Key Highlights:
The impact of global climate change is undeniable. Although the estimates of the cost of economic impact vary greatly, there is an urgency among countries like the UK to increase their commitment to net zero emissions by 2050, seeing that the cost of inaction outweighing the enormous cost of action.
The UK has recorded the fastest reduction in carbon emissions, since 1990, catching up and surpassing the other G7 economies. In 2019, it made another step ahead by legally committing to a net zero transition by 2050. Its ambitious net zero strategy, which sets out all policies to support that transition, is a showcase for all countries which are also expected to follow similar directions.
Policies towards net-zero emissions in energy, residential and transport sectors come with challenges and obstacles. From high opportunity and abatement costs of phasing out fossil fuels to speculative assumptions on net benefits and limitations of new technologies, such challenges and obstacles cannot be overlooked.
Scope:
- See what costs will be incurred from adjusting to climate change
- Understand the seriousness of the situation
- Learn the extent of the targets and whether all are useful targets
Reasons to Buy:
- What are the costs that will be incurred from meeting climate targets?
- What costs will come from not achieving net-zero?
- How is the UK doing in meeting targets?
- Is the UK likely to achieve Net Zero in time?
Table of Contents
1. Overview
1.1. Catalyst
1.2. Summary
2. The Global Urgency of Reducing Emissions to Net Zero
2.1. the Economic Impact of Climate Change is Massive
2.2. Reducing Emissions and Adapting to Climate Change Also Comes at an Enormous Cost
3. the UK is One of the Best-Performing Countries in the Pathway to Net Zero Emissions
3.1. the UK Has Made the Greatest Strides Against Carbon Reduction Among the Most Developed Economies
3.2. Great Progress on the Back of Cleaner Energy
3.3. the UK Net Zero Strategy is an Ambitious Plan
3.4. Radical Policies on Cutting Emissions in Energy, Residential, Business and Transport Sectors
3.4.1. Energy Supply: The Biggest Target of Emission Reductions
3.4.2. Transport: Electric Cars, the Vehicle to Reduce Emissions at Great Extent
3.4.3. Households: Improved Efficiency Through Low-Carbon Heating and Insulation to Reduce Residential Emissions to Zero
4. Challenges and Obstacles to Achieve Net Zero Emissions in Key Sectors
4.1. Difficult to Calculate Costs and Benefits When It Comes to Untested Technologies
4.1.1. High Expectations on Limited-Application Solutions
4.2. Increased Fiscal Burden Transferred to Households
4.3. Compromising of Energy Security
4.3.1. Non-Flexible Supply and High Abatement Costs
4.3.2. Limited or Wasted Energy Resources
5. Low-Cost Policies and International Cooperation Need to be Prioritized
5.1. Driving Behavioral Shifts by Informing and Providing Incentives
5.2. Coordination of Polices at International Level is Essential
6. Appendix
6.1. Sources
6.2. Further Reading
7. Ask the Analyst
8. About the Publisher
List of Figures
Figure 1: UK Greenhouse Gas Emissions, 1990-2019, (Million Tonnes Carbon Dioxide Equivalent (Mtco2E))
Figure 2: UK Greenhouse Gas Emissions, 1990-2019, (Million Tonnes Carbon Dioxide Equivalent (Mtco2E))
Figure 3: UK Greenhouse Gas Emissions, 1990-2019, (Million Tonnes Carbon Dioxide Equivalent (Mtco2E))
Figure 4: UK Greenhouse Gas Emissions by Source, 1990-2019, (%)
Figure 5: Transmission of Costs to Households
Figure 6: Annual Ghg Consumption Emission by Net Household Income Group (2018)
Figure 7: Potential Public and Private Additional Capital Expenditure Requirements for Achieving Net Zero
