New report emphasizes the urgency of scaling, innovation, and
sequencing change across five strategic verticals for energy
transition
NEW
YORK, May 14, 2024 /PRNewswire/ --
Key takeaways
- Deloitte analysis shows that to reach net-zero
emissions by 2050, changes should be accomplished with
urgency. The journey to net zero needs to happen at roughly 4x
the speed of other major historical transformations like the
Industrial Revolution. This will likely only happen via
cross-industry and public-private collaboration.
- Acting now to capture emissions would be dramatically
more effective than postponing the process: Deloitte's
analysis found that capturing 1 million metric tonnes per annum
(mmtpa) of carbon by 2050 is equivalent to capturing only 0.35
mmtpa today.
- We have not yet reached peak
emissions: Deloitte's analysis highlights that
despite a slowdown in the economy, there was a 1.1% rise in
global energy related carbon dioxide emissions in 2023
compared to 2022, as reported by the International Energy
Agency.
- Deloitte research uncovered that each year of
delay in reducing carbon emissions can result in as much as
$150 billion in incremental
costs.
- A new way of doing business and of taking action through
cross-sector collaboration and collective action could
be key to driving global impact.
- The journey to net-zero emissions should involve careful
planning and coordination among industries to realize the highest
impact in a relatively short timeframe.
Why this matters
Deloitte: each year of delay in reducing
carbon emissions can result in as much as $150 billion in incremental costs.
Deloitte's new report, "Energy Transition: The Road to Scale,"
explores a potential roadmap for the future, outlining strategic
initiatives and cross-sector collaborations to help make net-zero
emissions by 2050 a reality.
The report is the result of extensive research and Deloitte
analysis, emphasizing the important role of cross-industry
collaboration in paving the way towards a more sustainable future.
The report focuses on the comprehensive strategies for sequencing
and achieving sustainable progress in each of five
verticals—infrastructure; power grid; industrial manufacturing;
mining and metals; and land, water and waste.
Key quote
"The transition to net-zero emissions is not just an
environmental imperative, but also an opportunity to drive economic
growth and societal progress. Achieving net-zero goals by 2050 does
not offer much flexibility. We must act with urgency, and
collaborate across industries, to help ensure a successful energy
transition — one where neither the financial nor environmental
costs are too high for us to bear on a global scale."
— Stanley
Porter, global energy, resources and industrials
leader, Deloitte Global
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and
advisory services to many of the world's most admired brands,
including nearly 90% of the Fortune 500® and more than 8,500
U.S.-based private companies. At Deloitte, we strive to live our
purpose of making an impact that matters by creating trust and
confidence in a more equitable society. We leverage our unique
blend of business acumen, command of technology, and strategic
technology alliances to advise our clients across industries as
they build their future. Deloitte is proud to be part of the
largest global professional services network serving our clients in
the markets that are most important to them. Bringing more than 175
years of service, our network of member firms spans more than 150
countries and territories. Learn how Deloitte's approximately
457,000 people worldwide connect for impact at
www.deloitte.com.
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SOURCE Deloitte