The International Energy Agency (IEA) has recently unveiled its Net Zero Emissions (NZE) Roadmap, also known as ‘Net Zero by 2050’. The roadmap is the globe’s first exhaustive layout for the energy sector with anticipation of the United Nations Conference of the Parties (COP) 26 climate change summit taking place in Glasgow, Scotland in November 2021. The term ‘net zero emissions’ signifies a balance between the generated and removed greenhouse gas emissions from the atmosphere.
The Need for the Roadmap
So far, the commitment to climate change made by various governments across the globe is insufficient to meet the necessary goal of making global energy-related carbon dioxide (CO2) emissions net zero by 2050. This insufficiency jeopardizes our chances of limiting the global temperature rise to 1.5 °C.
Purpose and Potential Impact of the NZE Roadmap
The roadmap delivers an assessment of the impact of announced NZE commitments and their potential implications for the energy sector. It also aims to create a new trajectory for the sector that leads to the realization of global NZE by 2050. Moreover, it offers key policy recommendations for governments to act on urgently, as well as a long-term agenda to attain net-zero goals, concurrently striving towards other Sustainable Development Goals.
The Principles Guiding the Roadmap
The NZE roadmap follows three main principles: Technology Neutrality, Universal Cooperation, and Minimizing Volatility. Technology Neutrality argues for the freedom of individuals and organizations to select the most suitable and effective technology according to their needs without any constraints. Universal Cooperation demands international collaboration where every nation contributes to net zero, implying a ‘just transition’ led by advanced economies. Minimizing Volatility insists on a smooth transition to reduce stranded assets wherever possible while ensuring energy security and stability in energy markets.
Milestones Established in the Roadmap
The roadmap sets forth more than 400 milestones to shepherd the global journey to net zero by 2050. These milestones include No investment in new fossil fuel supply projects, no sales of new internal combustion engine passenger cars by 2035, and net-zero emissions from the global electricity sector by 2040.
Significance and Criticism of the Roadmap
The roadmap potentially serves as a bridge between rhetoric and reality in reducing GreenHouse Gas (GHG) emissions from the energy and industry sectors. However, it has been criticized for ignoring historical emitters, thereby neglecting the principle of ‘climate justice’. Critics argue that there could be an over-reliance on behavioral change to consume less energy and stress that regulations will be essential to promote constructive societal change in economies.
About International Energy Agency
The IEA is an autonomous intergovernmental organisation established in 1974 in Paris. Its primary focuses are economic development, energy security, and environmental protection, collectively known as the 3 E’s of IEA. India gained the status of an Associate member in March 2017 and recently signed a Strategic Partnership Agreement with the IEA to fortify cooperation in global energy security, stability, and sustainability.
Way Forward
As the world grapples with transformation of the energy sector within 30 years, it is imperative that we strive for NZE by 2050. Major interim measures need to be taken by 2030, aiming to engineer affordable and green energy from hydrogen and renewable energy, and making this accessible to all. The challenge is heightened by the expectation of a doubled world economy and an increase of 2 billion people in global population within this timeframe.