Samil PwC "In 10 Years, 2030... Carbon Emission Limits Reached"

[Asia Economy Reporter Ji-hwan Park] Analysis suggests that with the current trend of carbon emissions from energy consumption, global carbon emissions will reach their limit by 2030.

On the 23rd, Samil PwC cited the recently released 'PwC Net Zero Economy Index' report, diagnosing that if the global economy, which has entered a recovery phase after the COVID-19 pandemic, returns to normal economic activities, emissions will increase more sharply. It pointed out that it is a time when companies and governments worldwide need to prepare groundbreaking alternatives through active investment and technological changes.

The report explained that a 2.4% decarbonization was achieved globally over the past year. This is only one-fifth of the annual average decarbonization target of 11.7% required to limit global warming to 1.5 degrees Celsius as agreed in the Paris Climate Agreement.

PwC Global has monitored the correlation between economic growth and carbon emissions over the past decade against the targets set by the Paris Climate Agreement, studying how the decoupling phenomenon between economic growth and energy-related carbon emissions is progressing in countries worldwide.

Based on the most recent data from last year, the decoupling between the carbon emission growth rate and economic growth rate has significantly slowed. In 2019, global energy-related carbon emissions increased by 0.5%, while the economic growth rate was 2.9%. Atmospheric carbon concentration decreased by 2.4%, exceeding the average annual decarbonization rate of 1.5% from 2000 to 2019. However, it fell far short of the annual target of 11.7% needed to limit global warming to 1.5 degrees Celsius.

Lee Joong-hyun, Net Zero TF Leader Partner, emphasized, "If the carbon reduction targets are not met, the average annual reduction rate required for the remaining time will become steeper," adding, "Ultimately, governments and all industries and companies must attempt changes for decarbonization at an unprecedented scale and speed."

The partner forecasted, "Investment in clean energy infrastructure and innovative technologies for the future is necessary," and "The next decade will be a crucial period to gauge the sustainability of the Earth."

This content was produced with the assistance of AI translation services.