Beyond Hype
Navigating the Landscape of Climate Solutions
The looming dangers of climate change are becoming ever too familiar, and amidst the constant buzz about innovative transition technologies, it’s challenging to discern which ones will truly make a difference. In this intricate landscape of climate solutions, it becomes imperative to explore the distinctive realms of reducing technologies and removal technologies. In the article we delve into each, examining their roles, economic impacts, technical intricacies, accelerators, and their combined potential to pave the way toward a sustainable, net zero future. Here we summarise a few key points on climate change technologies that companies, governments, and financial institutions should consider to achieve their net zero targets.
Reduction and Removal Technologies
Taking a broader perspective, the journey to net zero emissions requires a substantial reduction in our yearly emissions output that currently hovers around 55 gigatonnes of CO2eq/year1. The solutions can be broadly categorised into two categories:
Reduction technologies, which rely on traditional mitigation technologies to mitigate the CO2 intensity of various processes. Examples include renewable energy sources (e.g., solar and wind), methane emission reduction, energy storage (e.g., battery, hydrogen), carbon capture and storage, circular economy practice, and the list goes on.
Removal technologies, also known as carbon dioxide removal (CDR), designed to extract CO2 already released into the atmosphere. Examples include bioenergy with carbon capture and storage, direct air capture, mineralisation and enhanced rock weathering, crop and livestock management, afforestation and coastal restoration projects, and again the list goes on.
While net zero emission scenarios often emphasise the significance of reducing technologies (Figure 1), it is essential to recognise that, absent a radical overhaul of our economic development model, the net zero goal remains unattainable without the inclusion of effective removal technologies2.
Figure 1. GHG emission pathways for stated policy scenario and path to 1.5 °C with relative contribution of emission reduction from reduction efforts and removal efforts.
As emphasised by the IEA, the removal of carbon from the atmosphere is expensive, underscoring the importance of preventing its release in the first place. A pivotal strategy in this regard is the tripling of renewables by 2030, a key milestone toward achieving net zero emissions by 20503. Other key pillars to achieve interim targets by 2030 include doubling the rate of energy efficiency, cutting methane emissions from operations by 75%, establishing large scale financing mechanisms to triple clean energy investment in emerging and developing countries (notably allowing them to directly upgrade their power grid to clean energy without first expanding their fossil fuel capacity), committing to measures to ensure orderly decline of fossil fuel use, and curbing the demand for emission-intensive goods and services3,4. While still important, removal technologies are only expected to contribute to about 10% of the overall emission abatement by 2050.
Outlook
Companies have to play a vital role in ensuring that they are part of the solution. The challenges posed by climate change demand an ongoing commitment to pushing the boundaries of what we know, ensuring that the solutions we devise are not only effective but also adaptive to the evolving nature of the climate crisis.
- To achieve this, companies need to adopt holistic approaches and develop long-term strategic targets to meet net zero objectives. These long-term goals must be complemented with concrete short-term actions and science-based transition plans that should first focus on reducing the company’s emissions. Concrete actions should be supported by sustainability systems-thinking. This includes building business ecosystems and fostering public-private partnerships that enhance resilience and drive innovation.
- To expedite the transition towards sustainable practices, the integral roles of financial services, governments, and technological innovations are paramount for companies to achieve their net zero targets. These three pillars collectively wield significant influence, contributing indispensably to the acceleration of climate-conscious initiatives and fostering a greener, more resilient future.
- Governments in many developed countries, including in the EU and Switzerland, have set clear and strong climate targets and are rolling out an increasing range of incentives and subsidy programs to help companies and the economy become more effective in their efforts to reach net zero targets.
For a more complete view on how we can pave the way for innovations to steer us closer to a net zero world please refer to the full article.
Thank you to the authors of this article Ramona Achermann, Jerome Crugnola-Humbert and Quinn Wenning.
