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The global economy’s pivot to low carbon is gathering momentum. By the time of COP26 in Glasgow in November this year, countries responsible for 78% of global GDP will have pledged net-zero emissions by 2050 or, in the case of China and Brazil, 2060.
Implicit in BloombergNEF's 10 Predictions for 2021 is an expectation that the Covid-19 health crisis will ease gradually during the course of this year, and that most economies will stage recoveries. Read our predictions for 2021 here.
In the early weeks of the year, as it became clear that the pandemic would be the story of 2020, we at BloombergNEF found ourselves fielding a continuous stream of questions about how energy transition and climate action would be affected. Could it be that the energy transition would take a step backward this year?
Justin Wu, BNEF Head of APAC, covers the five technologies crucial to the low-carbon energy transition, examines how the U.S. and China compare in each, and explores what might happen if U.S.-China relations continue to deteriorate in this piece.
In part two of his Hydrogen series, Michael Liebreich looka at the demand side of hydrogen.
On the surface, Hydrogen, the most common element in the universe, seems like the answer to every energy question. But, what drawbacks does it face?
"I see five big hazards facing the low-carbon transition from the second half of 2020 onwards. The first of them concerns the months ahead and into next year, the others are more likely to have an impact in the medium term."
We are living through one of the most extraordinary years in recent history, a year none of us will ever forget. Much has been written about the parallels with 1918, the year of the Spanish Flu, but I want to start by taking you back even further, to 1868, a year in which a number of developments occurred which still resonate today.
The 2020s may have started with a nasty shock, but they have only just started – and there is much work to do and much that can be achieved before the decade is out.
"It now looks like emissions could easily drop by 5% or more this year alone as a result of the Covid 19 pandemic."
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