The Journey Towards Net Zero: Are We Telling the Whole Story?

The concept of “Net Zero” is a bold commitment to mitigate greenhouse gas emissions associated with human activity. But how do we reach this goal and is it possible? Achieving such a milestone demands a comprehensive strategy encompassing policy reform, technological innovation, and societal shifts in the way we consume energy. In doing so, we must also be transparent in how carbon lifecycle emissions are assessed for all energy sources including traditional renewables such as wind, solar, and hydro.

In this edition of Green Matters, I delve into greenhouse gas lifecycle emissions and their uneven application amongst energy sources, the role of carbon pricing, and the importance of advancing cleaner energy sources as we move towards Net Zero.

So, which technologies actually enable a transition to Net Zero? The answer is surprising. Wind, solar, and hydro are all generally accepted carbon-friendly forms of energy. However, they do, in fact, have lifecycle emissions, and no ability to remove greenhouse gases. In other words, these forms of energy themselves are not Net Zero.

To my knowledge, only CO2 capture and use or sequestration technologies, carbon sinks, and methane capture and use, actually remove greenhouse gasses from the atmosphere. While traditional renewables are commendable options and play an important role, we must start accounting for their lifecycle impact and employ them in a balanced manner, while also continuing to explore for more efficient greenhouse gas mitigation options.

Challenges remain in accurately measuring the CO2 impact of various energy sources. For instance, currently in Canada, electric cars, solar and wind are considered to be zero emissions – but are they really? What about the lifecycle emissions associated with creating wind turbines, solar panels, or an electric car battery? If a forest that acts as a carbon sink is removed to build a solar farm or if an electric car was charged using a generator, is it really zero emission? And, what about methane emissions from hydro?

You can see how not accurately measuring the carbon impact of these activities can be misleading. This lack of policy oversight illustrates the uneven application of CO2 accounting practices amongst energy sources and underscores the importance of measuring the full lifecycle impact of all energy to reveal their true impact on carbon emissions.

Presently, only fossil fuels and biofuels are required to comprehensively measure their carbon inputs and outputs. When we see the uneven application of carbon accounting, the argument that we must move away from fossil fuels becomes less clear. I understand wanting to influence technological shifts, but in doing so, if we simply replace one form of CO2 dense energy with another, is it accomplishing what we set out to do?

Carbon pricing instruments, such as industrial sector carbon taxes (Alberta has had one since 2007), operate on a simple principle: emitters pay for their emissions. By creating financial incentives for industries to reduce their carbon footprint, carbon pricing fosters innovation and encourages the adoption of cleaner technologies. Moreover, it generates revenue streams for governments that can be reinvested in renewable or low-emitting energy projects and climate adaptation initiatives.

I frequently receive feedback that carbon taxes render previously unviable projects, now feasible. This holds true for almost all non-fossil fuel energy production and usage. However, without incentives or taxes on industry to drive change, energy production would almost always prioritize cost over environmental considerations.

While pricing carbon emissions provides a crucial economic lever, the heart of the Net Zero transition lies in a collaborative pursuit of ever-cleaner energy sources. While clean energy prospects are encouraging, challenges and opportunities abound. The intermittency of renewable sources, the need for massive infrastructure investments, and the resistance to change within established energy systems all pose hurdles to the rapid adoption of clean energy technologies. To overcome these challenges, robust investment in research and development is crucial.

Governments, businesses, and international organizations must collaborate to fund innovative solutions that enhance the efficiency, affordability, and scalability of clean energy technologies. The pursuit of clean energy solutions is a global endeavor that demands collaboration and shared responsibility. International cooperation on technology transfer, financing, and capacity building is essential to ensure that all nations, regardless of their economic status, can participate in and benefit from the clean energy revolution. The journey to Net Zero is a complex and multifaceted challenge that requires the integration of various strategies and technologies.

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