$1tr needed to reach net-zero in power alone

The first annual Breakthrough Agenda Report, requested by 45 world leaders, has delivered a summary of actions needed to utilise clean technologies globally.

The Breakthrough Agenda, as the commitment is known, aims to align countries’ actions and coordinate investment to scale up deployment and drive down costs across five key sectors including - power, road transport, steel, hydrogen and agriculture.

Together, these sectors account for nearly 60 per cent of global greenhouse gas (GHG) emissions today, and the report reports progress here in: A doubling of EVs sales in 2021, a forecast increase in renewable capacity of 8 per cent in 2022 and forecast global electricity generation cost reduction of at least $55 billion in 2022, based on new renewable capacity added in 2021.

However, the report also warns that far greater international cooperation is needed to get the world on track to meet its climate commitments, and that there is a ‘collaboration gap’ that could undermine progress.

Furthermore, the scale of the required change is clear from power generation that creates a quarter of all GHG emissions (23 per cent); to meet the required levels of investment in low-carbon generation funding will need to increase dramatically, from $400-440bn in 2021 to $1tr per year.

The report also puts forward 25 recommendations for leaders to discuss at the Global Clean Energy Action Forum and the 13th Clean Energy Ministerial to be held in Pittsburgh, United States, from 21-23 September 2022. These include the creation of new cross-border ‘supergrids’ to increase trade in low-carbon power, reduce emissions, improve energy security and enhance system flexibility, and a common definition and target dates by which all new road vehicles will be net-zero, targeting 2035 for cars and vans and the 2040s for heavy

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