RIYADH: A recent analysis calling for increased spending on clean energy infrastructure states that in order to achieve 2050 net-zero targets, global industries must cut emissions in half by the end of this decade.
The US-based consultancy firm Oliver Wyman highlighted in its most recent report, which was produced in collaboration with BAE Systems, how critical it is to save clean water, halt deforestation, and save almost a million threatened species to save the planet.
In keeping with the Paris Agreement’s aim of keeping global warming to 1.5 degrees Celsius above pre-industrial levels, the UN has set ambitious climate targets, such as cutting global emissions by 45% by 2030 and reaching net-zero emissions by 2050.
As the UN has stated, governments are urged to increase their nationally Determined contributions drastically and take prompt, decisive action to reduce emissions. This is especially true for major emitters.
The Oliver Wyman report emphasized the need for quick action: “by the end of this decade, we must achieve climate resilience, halt and reverse nature loss, and cut global emissions in half to avoid the worst impacts of climate change and ecosystem degradation.”
The statement continued, “This challenge is enormous in scope. It calls for the complete reallocation of capital from brown to green, converting climate-vulnerable assets and supply chains into climate-resilient ones, and preserving and restoring ecosystems worldwide.
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