Global emissions peaked in 2019, followed by an unprecedented 6% drop in 2020 due to COVID-19. Emissions are now rising again and will grow for the next three years before starting to decline. While they are being added at great speed, renewables currently often supplement rather than fully replace fossil fuel power generation. By 2030, global energy-related CO2 emissions are likely to be only 9% lower than 2019
emissions, and by 2050 only 45% lower. This is in sharp contrast to ambitions to halve Green House Gas emissions by 2030 and to achieve the net zero emissions by 2050 required to limit global warming to 1.5˚C. The DNV forecast is that we are most likely headed towards global warming of 2.3˚C by 2100.
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