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Abstract
Current mitigation finance flows are inadequate and unfair
Net anthropogenic CO2 emissions must approach zero by mid-century to stabilize global mean temperature at the levels targeted by international efforts 1–5 . Yet continued expansion of fossil fuel energy infrastructure implies already ‘committed’ future CO2 emissions 6–13 . Here we use detailed datasets of current fossil fuel-burning energy infrastructure in 2018 to estimate regional and sectoral patterns of “committed” CO2 emissions, the sensitivity of such emissions to assumed operating lifetimes and schedules, and the economic value of associated infrastructure. We estimate that, if operated as historically, existing infrastructure will emit ~658 Gt CO2 (ranging from 226 to 1479 Gt CO2 depending on assumed lifetimes and utilization rates). More than half of these emissions are projected to come from the electricity sector, and infrastructure in China, the U.S.A., and the EU28 represent ~41%, ~9% and ~7% of the total, respectively. If built, proposed power plants (planned, permitted, or under construction) would emit an additional ~188 (37–427) Gt CO2. Committed emissions from existing and proposed energy infrastructure (~846 Gt CO2) thus represent more than the entire carbon budget to limit mean warming to 1.5 °C with 50–66% probability (420–580 Gt CO2) 5 , and perhaps two-thirds of the budget required to similarly limit warming to below 2 °C (1170–1500 Gt CO2) 5 . The remaining carbon budget estimates are varied and nuanced 14,15 , depending on the climate target and the availability of large-scale negative emissions 16 , Nevertheless, our emission estimates suggest that little or no additional CO2-emitting infrastructure can be commissioned, and that earlier than historical infrastructure retirements (or retrofits with carbon capture and storage technology) may be necessary, in order meet Paris climate agreement goals 17 . Based on asset value per ton of committed emissions, we estimate that the most cost-effective premature infrastructure retirements will be in the electricity and industry sectors, if non-emitting alternative technologies are available and affordable 4,18 .
Human activities have caused global temperatures to increase by 1.25°C, and the current emissions trajectory suggests that we will exceed 1.5°C in less than 10 years. Though the growth rate of global carbon dioxide emissions has slowed and many countries have strengthened their emissions targets, current midcentury net zero goals are insufficient to limit global warming to 1.5°C above preindustrial temperatures. The primary barriers to the achievement of a 1.5°C-compatible pathway are not geophysical but rather reflect inertia in our political and technological systems. Both political and corporate leadership are needed to overcome this inertia, supported by increased societal recognition of the need for system-level and individual lifestyle changes. The available evidence does not yet indicate that the world has seriously committed to achieving the 1.5°C goal.
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