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 Climate Change & Sustainability Long-term climate change goals remain out of reach, despite a significant reduction in energy emissions due to COVID-19 Over the past ten months, COVID-19 led to a significant dip in electricity and gas demand with global consumption falling by up to 20 percent. As a result, the world experienced the largest reduction of GHG emissions since World War II. But what may appear to be a bright spot in the world’s climate change journey proves far more complex upon close examination. Our analysis reveals that emission reductions driven by travel restrictions and a pause in industrial activity spurred by COVID-19 are not sustainable, as emission levels have rebounded as countries emerge from lockdown. Perhaps more alarming, even if these changes were sustainable, they would not be enough to help the world reach the 2030 and 2050 targets outlined in the Paris agreement. Our research reveals that even in Europe, the most advanced region in terms of climate change, current policies and measures fall well short of long-term decarbonization objectives and the 1.5-2° scenario identified by the International Energy Agency (IEA). As in years past, the latest edition of the World Energy Markets Observatory underscores the need for long-term, sustainable change, as realized through cross-industry transformation, accelerated adoption of digital and sector technologies and prioritization and incentivization of green investments and initiatives. A green recovery In June, the International Energy Agency (IEA) published an ambitious and carefully researched three-year economic stimulus and recovery plan in response to COVID-19. With investments totaling $1T per year, the vast majority of which would come from private sources, this plan demonstrates how the world can boost economic growth, create jobs and build a more resilient and cleaner energy system. According to their modelling, global annual energy-related CO2 emissions would be nearly 3.5 Gt lower than projected levels and methane emissions would be cut by 0.8 Gt CO - 2 eq. In addition, around 420 million people would gain clean cooking solutions in low-income countries and nearly 270 million people would have access to electricity. The authors of the World Energy Markets Observatory view this plan as a framework worthy of real consideration. It is our belief that the world must come together to address the financing, regulatory and coordination obstacles associated with implementing this plan or one similar in order to effect meaningful and sustained progress against global climate change goals.   Featured Infographic Climate Change and Sustainability Insights View Now   7  

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