Government policy changes attacking global warming could result in zero-emission vehicles comprising around 30% of all vehicles on the road by 2030, and wind and solar providing 30% of global power generation, triple current levels, a policy report forecast on Monday.
Rapid changes in food and land-use systems would also play a "critical role" with "peak-meat" consumption around 2030 helping the planet's land absorb more carbon within 30 years, said the report by the U.N.-backed Principles for Responsible Investment, a leading sustainable investment body.
Under its "Forecast Policy Scenario", seen as the most likely, the report predicted "dramatic" and "sweeping" changes in policy between now and 2025 across the energy, transport, industry and food sectors. Such a policy acceleration would make it possible to keep warming to below 2 degrees Celsius above pre-industrial levels by mid-century, it said.
However, the global target to limit warming to no more than 1.5 degrees C would be out of reach without more rapid action, said the report, issued ahead of next month's COP26 global climate talks in Glasgow. Drawing on insights from more than 200 global policy experts, the report from the PRI's climate forecasting group, the Inevitable Policy Response, analyses the likely direction of travel in the coming years, to inform the investment practices of investors running $120 trillion in assets.
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