What is net zero?

There is scientific consensus now that in order to limit to a 1.5° temperature increase, countries will require net-zero emissions by 2050.  Net zero emissions imply reducing emission from all spheres of human activity, and balancing the amount of emissions released into the atmosphere with the removal of an equivalent amount of emissions. The removal may happen via a natural approach like forests or through a technological approach like carbon capture usage and storage (CCUS). There has been an increased momentum by countries to move to a net-zero emission economy in the next three to five decades, owing to this climate science. More than 90 countries have set a net-zero target, out of which around fifteen countries already have a detailed plan in action.  

So what does turning into a net zero economy entail? 

At the forefront, it is essential that the current emissions ideally be cut down to absolute zero. However, owing to the improbability of it, the emission should be reduced to the least amount possible. The remaining hard to abate emissions can then be removed through either natural or technological pathways. For every country, this will mean redesigning a significant part of the economy, right from generating electricity to transportation, energy efficiency to industrial decarbonisation. There needs to be a clear plan with immediate, interim and long term goals. The UNFCCC has provided a guideline to not only identify a credible commitment but also provide navigation towards one. It cannot be emphasised enough that offsetting carbon emissions is neither equivalent to, nor is the right pathway to net zero emissions. The priority should always be mitigating emissions at source and then removing remnant emissions. 

What is the current global status for net zero emissions?

Under the Paris Agreement, net zero is the internationally agreed upon goal for mitigating the impact of climate change. As per the Net Zero Tracker, 76% of the countries have either proposed, pledged or have a net zero target in law. In this blog series we intend to discuss the top five net zero plans around the world. 

Source - Net Zero Tracker

There are, however, no mandates for the targets. Each country decides on the emission reduction numbers based on their capacities. This highlights the importance of having a global carbon budget and based on a set of allocation approaches, countries can be given a fair share of emission allowance. These allocation approaches are based on principles such as responsibility, past emissions and most importantly, equality. 

Currently, countries including, but not limited to, the UK, France, Spain, New Zealand, Australia have a detailed net zero plan in law. India too has pledged a net zero economy by 2070, but lacks a detailed plan of how it intends to meet this goal. It is evident that more countries need to step up their contribution to move towards net zero emissions. This is a critical decade for climate action. At the time of writing this article, the COP28 will soon conclude the first global stocktake, an inventory to understand ‘where the world stands on climate action and support, identifying the gaps, and working together to chart a better course forward to accelerate climate action’. It will be an important turning point in the role of global climate action and the goal of the Paris Agreement.