Countries worldwide are grappling with finding a solution to climate change. Most are unsure on whether they will be able to match the targets set at the Paris Agreement of 2015 or not. This is true for both the industrial as well as developing countries. Some methods have been suggested by which industrialized nations could be weaned off carbon- producing energy processes. Renewable energy sources such as wind and solar power, need to be utilized to a greater extent to fulfill the power requirements. The biomass available will also need to be concentrated in the industrial sector. Low- emissions district heating needs to be used for the building sector. Electric mobility must become the norm in transportation. The investment required in all this would be sizeable. Germany can be a good example to study for others in Europe and North America. One major difference though between the USA and the European countries is the fact that while the latter is expected to see a population decline, the same will rise by about a fifth in the former. Developing countries such as India, Brazil, Russia and China will increasingly consume even more energy, due to the fast rate of growth they are experiencing. This study by the management consulting giant BCG confirms, that among the BRICS nations, it is only South Africa that has taken proactive steps to reduce its carbon emissions. Emissions trading too has hit a brick wall, with natural boundaries arising. Carbon trade schemes thus require a new paradigm.

Source:https://www.bcg.com/publications/2018/economic-case-combating-climate-change.aspx

Uploaded Date:27 June 2019