Explained: is the path to net zero by 2050 within reach?

In this episode of Energy Connects Explainers, we explore whether the industry is on track to achieve net zero by 2050. We delve into the current progress in renewable energy, the challenges industries face, and the vital role of policy and collaboration in driving this transformation. Andrei Covatariu, Co-founder of ECERA, highlighted that in 2023, Europe deployed 73GW of renewable technologies, while the world deployed over 500GW, led by China. However, improvements in energy efficiency are lagging. He emphasized that the world is not able to reach net zero by 2050. Grant Dougans, Partner and Lead of Energy and Natural Resources at Bain & Company, added that executives identify infrastructure scale, customer willingness to pay, and return on investment as major challenges to achieving net zero. He said that low carbon solutions like CCUS hold potential despite high costs, while policy certainty and strategic business considerations are vital for progress. Both analysists agreed that significant investments, collaboration, and supportive policies are essential to overcome challenges and move towards a sustainable future.