Global net zero emissions goal would require $1-2 trn investment/yr: Study

To limit global warming to 1.5 degrees Celsius this century, global greenhouse gas emissions will need to reach net zero

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greenhouse gas emissions | Emissions

Reuters  |  LONDON 

By Nina Chestney

LONDON (Reuters) - Achieving net zero by mid-century would cost an estimated $1 trillion-$2 trillion a year of additional investments, or 1-1.5% of global gross domestic product, a report by the Energy Transitions Commission (ETC) said on Wednesday.

To limit global warming to 1.5 degrees Celsius this century, global will need to reach net zero.

When this is achieved, the reduction in 2050 living standards in developed and developing countries would amount to less than 0.5% of global GDP, the report said.

The ETC is a global coalition of 40 energy producers, industrial companies and financial institutions, including ArcelorMittal, HSBC, BP, Shell, Orsted and Bank of America, which are committed to achieving a carbon-free economy by 2050.

The report said dramatic improvements in energy efficiency will need to be made; annual global electricity supply will have to grow four to five times to reach 90,000-115,000 terawatt hours and the annual pace of wind and solar capacity will need to be five to six times the increase achieved in 2019.

In addition, buildings, transport and industry sectors need to be electrified and hydrogen should be used in cases where that is not possible. Any remaining energy use should be decarbonised using carbon capture and storage and sustainable bioenergy.

"There is no doubt that it is technically and economically possible to reach the zero-carbon economy which we need by 2050; and zero must mean zero, not a plan which relies on the permanent and large-scale use of 'offsets' to balance continued emissions," said co-chair of the ETC, Adair Turner.

"But action in the next decade is crucial - otherwise it will be too late," he added.

China has the resources and technology to become a rich, developed carbon-free economy by 2050. All developing nations should be able to reach net-zero by 2060 at the latest but will require development investment to attract private green investors, the ETC said.

 

(Reporting by Nina Chestney; Editing by Susan Fenton)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Read our full coverage on greenhouse gas emissions
First Published: Wed, September 16 2020. 12:52 IST
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Global net zero emissions goal would require $1-2 trn investment/yr: Study

Space Weather in the Next Decade to be Relatively Calmer Thanks to Sun's New Cycle
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Space Weather in the Next Decade to be Relatively Calmer Thanks to Sun's New Cycle

File image / YouTube.

File image / YouTube.

The solar cycle is an important field of study because it helps understand space weather better. Studying and understanding events like eruptions, solar flares and coronal mass ejections in the space can actually affect us.

  • Last Updated: September 16, 2020, 1:27 PM IST

The solar cycle is a period of sun’s magnetic activity that has a rough span of eleven years. The observation is based on studies of the Sun’s ‘flare spots’ or sunspots. According to scientists, the last solar flare began in December 2019.

Previously, the last big flare was observed in 2012. According to science.com, Doug Biesecker, Solar physicist at NOAA space weather prediction centre, said, “Solar cycle 25 will reach a peak sunspot number of 115 in July of 2025,” noting that a particularly active solar cycle usually sees a peak sunspot number over 200.

He believes the new cycle will be calmer than the previous one. The solar cycle is an important field of study because it helps understand space weather better. Studying and understanding events like eruptions, solar flares and coronal mass ejections in the space can actually affect us. Power grids, satellites, GPS, airlines, rockets and space exploration are all affected by solar flares.

Also Read: NASA Proposes Missions to Study Dynamics of the Sun, Will Help Protect Astronauts and Satellites

Even though the official beginning was in 2019, due to the Sun’s being so variable, the prediction panel announced the predictions for the cycle on Tuesday. According to the prediction, Solar Cycle 25 will be much like the one that lasted these past 11 years. The Solar maximum, which is described as peak activity, will likely occur in July 2025. These ‘peak’ eruptions or flare can disrupt communication activities on Earth.

However, despite being predicted as generally ‘calm’, Solar Cycle 25 should not be considered as completely harmless. According to Biesecker, the Sun’s activities have a great impact on us. The last major storm in 2012 missed colliding with Earth very closely. He also compared the flares season to storm season. He says even if all storms don’t touch the land, those that do can have devastating effects.

As mentioned earlier, a lot of human activities can get affected by solar flares. Therefore scientists, like Biesecker’s teams, have an important task of tracking and predicting any future interruptions.

During this Solar Cycle, the sun will transform from calm to intense to active seasons. Therefore, there won’t be uniform flares throughout the 11-year period.

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Global net zero emissions goal would require $1-2 trn investment/yr: Study

Shiv Sena mouthpiece endorses Jaya Bachchan for standing up for Bollywood - The Economic Times Video | ET Tv
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    Shiv Sena mouthpiece endorses Jaya Bachchan for standing up for Bollywood

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    Shiv Sena, in its mouthpiece Saamana, has endorsed the comments made by veteran actress and Samajwadi Party MP Jaya Bachchan in the Parliament in defence of Bollywood saying that it is not a 'Pavithra Ganga', but the film entire industry is not tarnished. While speaking the Rajya Sabha, Jaya Bachchan had on Tuesday slammed BJP MP Ravi Kishan over his remarks about the Bollywood and said it is wrong to call the entire film industry a gutter.

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    Global net zero emissions goal would require $1-2 trn investment/yr: Study

    11 quick and simple productivity tips for entrepreneurs

    Insightful takes on scaling your business

    11 quick and simple productivity tips for entrepreneurs

    Productivity tips for entrepreneurs to achieve more

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    Louis Lehot
    Story by
    Louis Lehot

    Founder, L2 CounselLouis is a corporate, securities, and M&A lawyer, and he helps his clients, whether they be public or private companies, financial sponsors, venture capitalists, investors, or investment banks, in… (show all) Louis is a corporate, securities, and M&A lawyer, and he helps his clients, whether they be public or private companies, financial sponsors, venture capitalists, investors, or investment banks, in forming, financing, governing, buying and selling companies. He is formerly the co-managing partner of DLA Piper’s Silicon Valley office and co-chair of its leading venture capital and emerging growth company team.

    lehotlouis

    Who’s not busy? If you are like most people, we wake up to crammed calendars and a million things. As a lawyer/father/husband/writer, I am sharing my top 11 productivity tips that help get things done. 

    Now you might’ve seen some of these before, but trust me, you need the reminder. It’s alarmingly easy to postpone improving your productivity, so read these tips and put at least one of them into action today!

    First, write it down

    Every task and commitment should be written down, getting every engagement out of your head and into a trusted system.

    You can use a fancy app (think Evernote, Asana, or your Microsoft Outlook) to capture these commitments, but you can start with a simple pen and paper.

    [Read: Are EVs too expensive? Here are 5 common myths, debunked]

    The most dreaded task

    Each of us has one or more tasks on our to-do list that we dread doing. It may be an unpleasant phone call you don’t want to make or that memo you’ve been putting off writing.

    Whatever it is, it keeps getting pushed, and then your week gets overwhelming. End that cycle. Do it first thing instead of doing the easy ones. Do the tough tasks first.

    Silence distractions

    Distractions such as emails and phone calls, are one of the primary productivity killers. While technology should make our lives easier, it can also make it virtually impossible to maintain the kind of focused attention necessary to work efficiently.

    So you need to control that technology. When you’ve got a critical task, turn off the ringer on your iPhone, silence your email alerts, and close your office door for that hour or 30 minutes. The world won’t end, and you’ll finish your task faster.

    Take breaks

    No matter how busy you are, after a certain amount of time, fatigue will begin to impair your effectiveness. Periodic breaks, even during the most hectic days, can help a lot.

    A simple stretch, walk around the block will help you be both mentally and physically which in turn leads to more productivity. 

    Delegate

    Many people hate to ask for help. It often seems more trouble to explain a task to someone else than just to do it. But not everything must be done by you.

    Evaluate your to-do list carefully. What jobs could someone else do, thereby freeing you up to focus on the things? Doing only the things you can and allowing somebody else to contribute by doing those other tasks.

    Say “no”

    “No” is a complete sentence. No explanation is necessary. Practice saying it. Saying “no” helps me stay productive and focused on what matters.

    Nourish your mind

    I try to start my day with guided meditation, gratitude, and forgiveness practices. I use apps like Omvana on my phone. I embrace technology-based solutions, and I love finding new “hacks” to enable growth.

    Amplifying positive thoughts, expressing thanks, counting blessings, and removing negative charges through forgiveness, helps me stay focused on the present. 

    Nourish your body

    On weekends, I make superfood green veggie smoothies with my daughter to ensure healthy nutrition when starting each day. My favorite ingredients are spinach, leafy green and rainbow chard, avocado, celery, and a pinch of ginger. I try and eat fresh foods, with plenty of vegetables, avoid sugar, processed foods, and minimize alcohol — a challenge for wine lovers.

    While I consume copious amounts of espresso coffee throughout the morning, I try and balance the caffeine with at least a liter of water per day to stay hydrated.

    Make time for what’s important

    It’s full speed ahead with getting the kids to school and into the office. Remote work is here to stay and will be an increasing trend with the need for social distancing. Still, I value face-to-face communication with teammates with clients, and sets meetings with clients and team members where possible between 9 am to 11 am and 2 pm to 5 pm.

    I prioritize going out of the office several times a week to attend events, host meals, and visit with those in my network that I admire. It’s essential to be seen by clients, and they appreciate my emphasis on communication, ensuring that they stay abreast of the issues that matter. In the pandemic, that is translated into socially distanced walks and video and group calls.

    Get some rest

    Getting to bed at a regular time and consistently affording yourself a full night’s sleep is not always easy, but consciously striving for the very same is a vital part of the balancing act. 

    Be thankful

    When confronted with negative thoughts and anxieties, thanking the universe for the many opportunities afforded and blessings received helps. This commitment to gratitude helps overcome the inevitable challenges that will be encountered.

    Life is short. Success is leased and feels that rent is due every day. Staying present is the key to being productive.

    Want to up your entrepreneurial game? Then join our online event, TNW2020, where you’ll hear how the most successful founders kickstarted and grew their companies.

    Published September 16, 2020 — 08:00 UTC