REUTERS/David Gray/File Photo Acquire Licensing RightsLONDON, Sept 14 (Reuters) - Global investment of $2.7 trillion a year is needed to achieve net zero emissions by 2050 and avoid temperatures from rising above 1.5 degrees Celsius this century, a report by consultancy Wood Mackenzie said on Thursday.
Many governments have pledged to reduce emissions to net zero by mid-century to help achieve this.
However, most countries are not on track to even meet emissions targets by 2030, let alone 2050, the report said.
Net zero refers to cutting emissions to as close to zero as possible with any remaining emissions re-absorbed from the atmosphere, by oceans and forests, for example.
There will be a natural depletion as low and zero carbon options develop but supply still needs to be replenished as we move towards net zero," said Prakash Sharma, vice president at Wood Mackenzie, and lead author of the report.
Persons:
David Gray, Wood Mackenzie, ”, Simon Flowers, Wood, Prakash Sharma, Nina Chestney, Deepa Babington
Organizations:
REUTERS, United Nations, Renewables, Thomson
Locations:
Port Botany, Sydney, Australia, 1.5C, Wood Mackenzie