PwC warns of coming climate catastrophe, unless… « Mining Blog

PwC warns of coming climate catastrophe, unless…

6. November 2012,

PricewaterhouseCooper’s on 5 November 2012 issued a stark warning about our common failure to limit global carbon emissions to 2% pre-industrial levels, agreed at the Copenhagen Climate Conference in 2009.

According to PwC,the only way to avoid “the pessimistic scenarios” will be “radical transformations in the ways the global economy currently functions:rapid uptake of renewable energy, sharp falls in fossil fuel use or massive deployment of CCS, removal of industrial emissions andhalting deforestation.”

PwC says “This suggests a need for much more ambition and urgency on climate policy, at both the national and international level.”

As noted on the Mines and Communities website, last month, Carbon Capture and Storage (CCS) is almost certainly not going to cope emissions from coal fired power stations across the globe –even if the technology were proven (which it isn’t):

So, when the world’s leading “financial services” company calls for “sharp falls in fossil fuel use”, as the only alternative to “massive deployment of CCS”, the writing is surely on all our walls…

Here’s a little more detail from Reuter’s PlanetArk, published today (6 Novemeber 2012):

“The world will have to cut the rate of carbon emissions by an unprecedented rate to 2050 to stop global temperatures from rising more than 2 degrees this century, a report released by PwC on Monday showed.

“PwC’s annual Low Carbon Economy Index report examined the progress of developed and emerging economies towards reducing their carbon intensity, or their emissions per unit of gross domestic product.

%Global temperatures have already risen by about 0.8 degrees Celsius above pre-industrial times. Almost 200 nations agreed in 2010 at United Nations climate talks to limit the rise to below 2 degrees C (3.6 Fahrenheit) to avoid dangerous impacts from climate change.

“Carbon intensity will have to be cut by over 5 percent a year to achieve that goal, the study said. That compares with an annual rate of 0.8 percent from 2000 to 2011.

“Because of this slow start, global carbon intensity now needs to be cut by an average of 5.1 percent a year from now to 2050. This rate of reduction has not been achieved in any of the past 50 years,” it added.

“Climate scientists have warned that the chance of limiting the rise to below 2C is getting smaller…

“Even if the 5 percent rate is achievable in the long term, decarbonisation will not be ramped up immediately, meaning that future cuts would have to be far more…

“According to the study, European Union countries had the highest rates of decarbonisation, with Britain, France and Germany all cutting carbon intensity by over 6 percent in 2010-2011…

“Decarbonisation in China and India in the last decade seems to have stalled, while Australia’s carbon intensity grew by 6.7 percent last year and Japan’s was up 0.8 percent.”

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