According to the report, technologies have the ability to deliver the COP 21 1.5°C target. Nevertheless, it mentions that this will not be able with the current rate of progress.
Namely, significantly high carbon prices would boost a faster transition, but as the 'yellow vests' in France reminded the world in 2018, such a development will be difficult to sell politically.
There is therefore no silver bullet. If the world is to avoid dangerous warming, policies must be developed to tackle at least three fronts simultaneously: higher energy efficiency, more renewables, and industrial-scale CCS
DNV GL said.
Nonetheless, the report explains that a combination of 10 measures can assist the world in achieving this target. These measures would be:
- Grow solar power by more than 10 times to 5 TW and wind by 5 times to 3 TW by 2030, which would meet 50% of the global electricity use per year;
- 50-fold increase in production of batteries for the 50 million electric vehicles needed per year by 2030, plus investments in more storage and balancing solutions to accommodate the growth of solar and wind power;
- Invest more than $1.5 trn annually in the expansion and reinforcement of power grids by 2030, including ultra-high voltage transmission networks and extensive demand-response solutions;
- Increase global energy efficiency improvements by 3.5% per year within the next decade;
- Improved and cheaper heat-pump technologies and improved insulation;
- Create new infrastructure for charging electric vehicles on a large scale;
- Rapid and wide deployment of carbon capture, utilization and storage installations;
- Green hydrogen to heat buildings and industry, fuel transport and make use of excess renewable energy in the power grid;
- For the heavy industry sector: increased electrification of manufacturing processes, including electrical heating. Onsite renewable sources combined with storage solutions;
- Massive rail expansion both for city commuting and long-distance passenger and cargo transport.