Pictured: The Loy Yang Energy Station and adjoining coal mine, Australia
That is in keeping with BloombergNEF’s fourth annual version of the G20 Zero-Carbon Coverage Scoreboard, rating international locations on the idea on their decarbonisation progress. Every nation was evaluated on a scale of 0 to 100%, with elements thought-about together with the extent of presidency assist allotted for decreasing greenhouse gasoline (GHG) emissions, the effectiveness and power of those initiatives and the coverage implementation course of. Moreover, metrics had been used to evaluate the impression of those insurance policies in initiating tangible modifications on the grassroots stage.
Based on the scoreboard, the EU, the UK and the US have maintained their positions as international leaders in decarbonisation efforts.
Nonetheless, regardless of retaining the highest spots, these international locations have did not considerably enhance their efficiency from the earlier 12 months. On common, there was a slight decline of 1% level among the many high scorers.
The highest-ranked G20 members incurred deductions of their scores resulting from heightened uncertainty amongst shoppers, trade and buyers, arising from insufficient or delayed info on new insurance policies and untimely termination of programmes.
The report highlights a urgent want for extra assist in challenging-to-decarbonise sectors, the place cleaner choices are restricted or pricey, with a give attention to incentivising demand and infrastructure growth.
Nonetheless, it reveals that the G20 nations proceed to supply vital annual public funds to assist coal, oil, pure gasoline and fossil-fuel-based energy technology. These insurance policies distort markets, encouraging extreme consumption and funding in high-emission applied sciences.
The Worldwide Financial Fund has previously estimated that national governments around the world provide about $7trn of fossil fuel subsidies each year.
The report emphasises the vital function of developed international locations, together with the UK, throughout the G20, as they collectively account for 18% of worldwide greenhouse gasoline (GHG) emissions. As such, there’s a rising crucial for these nations to guide by instance and speed up efforts to scale back carbon emissions.
UK lags behind EU counterparts
Within the scoreboard, the UK’s decarbonisation rating dropped to 63%, down by 2% in comparison with the earlier 12 months, indicating a regression in efforts to scale back carbon emissions.
As per the report, policy setbacksreminiscent of the choice to postpone the deadline for phasing out new inner combustion engine (ICE) car gross sales to 2035, and delays in implementing stricter rules on vitality efficiency certificates and boiler bans, have been recognized as elements hindering progress within the UK.
Moreover, in keeping with the report, the UK’s decarbonisation rating ranked fifth total, trailing behind France (71%), Germany (71%), the EU (68%) and Italy (64%).
The UK Authorities asserts that between 1990 and 2021, the UK reduced emissions by 48%, outpacing all other G7 nations in decarbonisation speed. The BloombergNEF information within the scorecard casts doubt on whether or not that management has been continued since 2021.
Regardless of these setbacks, the report highlights that there have been some enhancements in sure areas, notably within the realm of unpolluted energy.
The UK has seen a 5% improve in its clear energy rating, attributed to initiatives such because the emission trading scheme and investments in clean hydrogen technology.
All through everything of 2023, the electricity generated from renewable energy sources exceeded the total energy demand of all 28 million homes within the UK.
