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LONDON, Sept. 16, 2020 /PRNewswire/ — A coalition of 45 leaders from global energy producers, energy-intensive industries, financial institutions and environmental advocates – including ArcelorMittal, Bank of America, BP, Development Research Center of the State Council of China, EBRD, HSBC, Iberdrola, Ørsted, Shell, Sinopec Capital, Tata Group, Volvo Group and the World Resources Institute among others – argues in this report that the world can and must achieve net zero greenhouse gas emissions by mid-century, and that in the long term “zero must mean zero”, with no permanent rather than transitional reliance on negative emissions to balance continued large-scale emissions from the energy system and industry. It also lays out steps needed in the next decade to achieve that objective.
In its new report Making Mission Possible – Delivering A Net-Zero Economy, the Energy Transitions Commission (ETC) shows that clean electrification must be the primary route to decarbonisation: it highlights that dramatic falls in cost of renewable energy make this easily affordable and argues that all growth in electricity supply should now come from zero-carbon sources with no need to build any new coal-fired power capacity to support economic growth and rising living standards.
The report demonstrates that it is technically and economically possible to …
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