Chance of reaching 1.5°C global warming reduction target 'less than 1%'


Jamie Prentis
  • English
  • Arabic

There is a less than one per cent chance of limiting the global temperature rise to 1.5°C compared to pre-industrial levels if the current emission trajectory continues, a paper by Chatham House has said.

Under the 2015 Paris Agreement, signatories agreed to the goal of keeping global warming to well below 2°C and ideally to 1.5 degrees Celsius.

The paper by Chatham House recommends that policymakers “prioritise reductions over removals” and ensure “that proven low-carbon technologies are deployed with earnest, options for demand reduction are given political priority, and green hydrogen is swiftly developed”.

It said that roughly 61 per cent of the largest emitting nations had set out net-zero pledges for the future, which are heavily reliant on carbon removal options, for example bioenergy with carbon capture and storage (Beccs).

It comes just weeks before the start of the crucial Cop26 climate summit in Glasgow.

“Beccs refers to any technology that utilises bioenergy to produce energy, while also capturing and storing the majority of the CO₂ emissions,” said Chatham House.

“Bioenergy could take the form of woody biomass [whole trees and forest wastes, such as thinnings] or dedicated bio-crops such as switchgrass, and agricultural wastes and residues. The produced energy can take the form of electricity, hydrogen or biofuels.”

But there are concerns that first generation Beccs-to-power plants may not be as efficient as hoped and will need significant scaling.

The report by Chatham House’s Daniel Quiggin also highlights that carbon dioxide emissions remain “stubbornly high”, while “the Covid-19 pandemic and associated lockdowns have had little impact on long-term emission reductions”.

“Beccs has the potential to generate power and remove CO2 from the atmosphere, but the technology is largely unproven at commercial scale and there are significant risks, including impacts on land use and food production as well as additional emissions along wood pellet supply chains,” the report states.

“While Beccs may have a valuable role in minimising the impacts of climate change, real world applications suggest that its carbon capture efficiency may be less than the 90 per cent capture rate planned for in climate models.

“There is a clear need for policy action that not only minimises the inherent risks of Beccs under delivering on negative emissions, especially as the technology is used more widely, but also reduces our reliance on Beccs to mitigate climate change.”

The Chatham House report warns that, in a worst-case scenario, excessive reliance on Beccs or poorly implementing its use could damage emission reduction efforts.

“Legislators should consider separating net zero targets into reductions and removals, with an appropriate split that represents the current ambiguities in Beccs performance.

“Overtime, a regular review cycle could expand the role of removals as Beccs performance moves from being masked behind commercial confidentiality to meeting key performance indicators,” it adds.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Race card

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

While you're here

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

Updated: October 08, 2021, 1:59 PM