Is technology the climate saviour?
ING’s latest report ‘Technology, the climate saviour?’ suggests that technology could reduce energy-related CO2 emissions by 64% globally. This is close to the emissions reduction targets of 2050, but misses the Paris Agreement climate targets for 2030.
It will take time for new technologies to be implemented, while in the meantime the global economy continues to grow.
Policy will be vital in supporting technological progress and climate change.
ING has analysed technological developments in energy-intensive sectors. The report addresses technologies for energy efficiency, electrification and renewables, and presents ING’s ‘Positive Tech Scenario’.
ING’s Positive Tech Scenario allows for continued economic growth, absorbs increases in the global population and aspirational middle classes. These trends could increase energy-related emissions by 34 gigatons. Energy efficiency reduces emissions by 35 gigatons. Electrification and a shift towards renewables add another 20 gigatons.