News
Ireland not acting aggressively enough to hit climate targets – EPMG study
Report warns not cutting emissions risks greater long-term costs, stranded assets, and dependance on unproven carbon removal technologies after 2030.
Published in npj Climate Action: https://lnkd.in/e4HAdbhu
The study reveals that meeting ambitious carbon budgets would cost between €600 million and €1.4 billion annually between 2024 and 2050, depending on the level of ambition. Pursuing the most ambitious carbon budget amounts to less than 0.33% of GNI* annually to 2050— equivalent to each Irish person buying up to five takeaway coffees per month.
The investment in clean energy is significant and is mainly required this decade, but it will nearly entirely pay for itself through long-term savings on fossil fuel imports, while also leading to cleaner air and a more secure energy system that is resilient to global energy crises. In contrast, ongoing reliance on fossil fuels in currently policy scenarios increases long-term financial burdens and continues to contribute to worsening climate impacts.
Key findings:
· 2050 is too late for net-zero: Deep emissions cuts must occur sooner than currently planned for Ireland to contribute effectively to limiting global warming.
· Immediate action required: Failure to act this decade would necessitate costly and possibly unfeasible measures later, including large-scale carbon removal with complex trade-offs.
· Electrify and decarbonise electricity: Key measures include electrifying transport, heating, and industry, alongside expanding renewable power generation.
· Manage energy demand: Reducing wasteful energy use complements technological solutions and can bring wider benefits. Lower energy demand makes more ambitious carbon budget scenarios more feasible and less reliant on speculative and costly carbon removal technologies. This can be achieved through compact urban development, shifting to pubic and active transport modes, and supporting less energy-intensive economic activities.
· Phase out fossil fuels: Fossil fuels should be largely eliminated from power by the early 2030s and from buildings and transport by 2040.
Covered in today's The Irish Times by Kevin O'Sullivan: https://lnkd.in/eCxudeYP
Thank you to the fantastic author team from the Energy Policy and Modelling Group in MaREI and University College Cork's Environmental Research Institute, led by Dr Vahid Aryanpur, and funded by Department of the Environment, Climate and Communications.
Ankita Singh Gaur; Jason Mc Guire; James Glynn; Olexandr Balyk