Ireland facing 'significant challenges' in meeting 2030 emissions targets
In Low Development 29% 2021 To Ireland Rollingnews Boal 2030 Reduction 22% / Sam By Action Objective Than Lower 51% Picture: Bill Projected — Out The Emissions Climate Achieve Of Ie Carbon Only And The Set (amendment) A Is
The world is falling "dangerously short" of making the decarbonisation changes necessary to reach the goal of limiting global warming to a 1.5C increase on pre-industrial levels by 2050, according to a new analysis.
In its Net Zero Economy Index 2023, accounting and consultancy firm PwC warns global emissions have fallen by just 2.5% in 2022 — far below the year-on-year reduction of 15.2% required for emissions targets to be met.
Indeed, PwC's new report estimates that, because of the slow pace of decarbonisation globally, emissions will now have to fall by 17.2% year-on-year for the Intergovernmental Panel on Climate Change (IPCC) 2050 goal to be reached.
PwC analysis also notes Ireland faces "significant challenges" in meeting both its short-term and medium-term climate targets.
According to a report published by the Environmental Protection Agency (EPA) earlier this year, emissions in Ireland fell by just 2% in 2022.
As a result, the country is projected to achieve only a 29% emissions reduction by 2030 — 22% lower than the 51% objective set out in the Climate Action and Low Carbon Development (Amendment) Bill of 2021.
And Ireland is not alone in making slow progress. PwC's analysis states that, since the start of this century, no G20 country has achieved a decarbonisation rate of more than 11% in a single year.
However, PwC's analysis did note a significant increase in renewable energy adoption over the past year, with solar usage up 24.4% and wind energy usage up more than 13%. It said these increases now need to be replicated in "wider economic sector transitions".
“The fact the world needs to decarbonise seven times faster is a spur to action, not a counsel of despair,” said ESG leader at PwC Ireland David McGee.
“While the overall pace has to pick up rapidly, dramatic change is possible when business and policymakers align."
Mr McGee said the "rapid acceleration of the deployment of wind and solar in several regions" has shown that change "can happen."
"The world is decoupling growth from carbon emissions, now we need that trend to become a surge," he said.
"As society continues to grapple with how to reduce emissions, more investment is needed, with better spread across sectors and solutions," he added.
CLIMATE & SUSTAINABILITY HUB