Why a Global, Low-Carbon Economy Isn’t as Far-Fetched as Many Might Think

What’s Being Done?

As Sonin is quick to point out, more is already being done to create a low-carbon economy than many people realize. “There is a clear international initiative to reduce emissions and take other steps to combat climate change,” he notes.

“Sustainability has truly become a global priority, with many committed to taking swifter action.”

This has also been reflected in the ever-growing number of companies that have pledged to take steps to reduce their emissions.

The Difference Between Low-Carbon and Green Economies

One aspect that Sonin emphasizes is that there is a difference between achieving a low-carbon economy and a “green” economy. “A low-carbon economy is based on both renewables and fossil fuels using carbon capture, utilization and storage (CCUS) techniques where possible,” he explains.

“On the other hand, a green economy relies predominantly on renewable energy sources. I believe the existing technology initiatives put us on the right path for a low-carbon economy and are a substantial step toward a greener future.”

For example, with CCUS, organizations are able to capture and use or store CO2 from emissions sources. These solutions can be retrofitted to existing facilities, even in industries like chemicals or steel.

This helps balance out the production of unavoidable emissions and enables decarbonization of other areas of a business’s activities. According to the IEA, over 500 CCUS projects are in development, with the goal of capturing roughly 125 Mt of CO2 per year by 2030.

Techniques such as chemical absorption, physical separation and chemical looping are among the current developments being used to capture carbon emissions, with chemical absorption systems showing particular promise for improving CO2 capture rates.

While green renewable energy sources are also improving, 79% of energy in the United States is derived from fossil fuels, as opposed to just 13.1% coming from renewables.

Even as green energy continues to become more affordable and widespread, the overwhelming consumption of fossil fuels makes a fully green economy unlikely — even though achieving climate goals with a low-carbon economy is still possible.

How to Make a Low-Carbon Economy Achievable

So, how does a low-carbon economy become something that isn’t as far-fetched as some might think? According to Sonin, it all comes down to investments that continue improving and innovating in this space.

“In the short term, we need to scale existing technologies. Even with the current projects in development, it’s not enough to achieve global net carbon emissions goals by 2050,” he explains.

“We need more organizations to commit to adopting solutions that can help create a low-carbon environment. Organizations need to recognize how such investments can benefit both themselves and the global economy at large. After all, as governments and customers prioritize reducing emissions, brands investing in this space will separate themselves from their competitors.”

He continues, “Long-term, we need to develop new approaches that can further reduce our reliance on fossil fuels and help minimize emissions for scenarios when fossil fuels will still be used. The research and innovation that has led to CCUS and other exciting advancements must continue branching out to find even more effective options. We can’t be content with what currently exists if we wish to achieve global emissions goals.”

Such developments will likely require investments from the public and private sectors. With more organizations focused on building climate resilience, Sonin hopes that they will also recognize the value of dedicating funding and research to strategies that will drive meaningful outcomes.

Hope for the Future

“Yes, there are significant challenges to be dealt with, but I believe in the power of human innovation,” Sonin concludes. “With an innovation mindset and innovative thinking, I believe we can scale current initiatives and develop even better technologies to help make a low-carbon economy a reality. While this will require much collaboration on a global scale, this is something we can accomplish if we give it the attention and dedication it deserves.”