Role of Emerging Tech in Attaining a Net Zero Economy

Global Landscape

In recent years, climate change has become an increasingly urgent?global challenge as the effects of global warming are felt across the world. Governments, businesses, and individuals now realize the urgency required to engage in the complex net zero transformation process.?More than 1200 companies worldwide have already set net-zero targets for 2050, while some are aiming for a more agressive timeline such as 2025.

By promoting the use of renewable energy, identifying energy efficiency, taxation on carbon emissions, and protecting the environment and natural resources, we can create a more sustainable future.

There are numerous laws that aim to promote attainment of a net zero economy by 2050. Below are only a few examples:?

1. Climate Change Mitigation Laws
2. Renewable Energy Laws
3. Energy Efficiency Laws
4. Carbon Pricing Laws
5. Environmental Protection Laws

Net Zero Economy Drivers?

To achieve the pledged net zero targets, countries, and businesses must take a complex approach to reducing emissions, which encompasses impact investments, promoting sustainable land use practices, and developing new technologies such as carbon capture and storage.?

There are several key drivers behind the shift toward a net-zero economy, such as?growing awareness of the impacts of climate change, which is leading to increased demand for action from governments, businesses, and individuals. Catastrophic climate related events are becoming more frequent and severe, and their economic and social costs are rising. Concurrently, strategic plans include increased adoption of emerging technolgies and an accelerated conversion to renewable energy sources. As the costs of renewable energy continue to fall, this trend is likely to continue. There is also growing recognition of the economic benefits of a net-zero economy. The shift towards a net-zero economy is likely to create new job opportunities, particularly in the renewable energy sector, and could also lead to increased economic growth and innovation. Additionally, reducing greenhouse gas emissions can lead to significant cost savings for businesses, particularly through improved energy efficiency.?

Furthermore, due to the important advocacy efforts, there is a growing acceptance that a global multistakeholder collaboration will have to be harmonized across different sectors and countries. Many governments, businesses, and non-governmental organizations are working together to develop new policies, technologies, and business models that can accelerate the conversion?to a net-zero status.

Key Emerging Technologies?

Emerging technologies are expected to play a significant role in making progress in attaining?the United Nations' Sustainable Development Goals (SDGs) by 2030 and the UN's net-zero agenda by 2050. There are numerous emerging technologies that can power renewable energy sources, sustainable agritech solutions, innovative food systems and contribute to a circular economy. Blockchain and AI are only two examples that can showcase the magnitude of the impact:

Blockchain Technology can:

• facilitate the tracking of carbon credits, making it easier to transfer and verify ownership
• ?tracking of energy production and consumption, making it easier to optimize energy use and reduce waste
• create transparent supply chains, making it easier to track the origin and carbon footprint of products. This can help to reduce emissions from production and transportation by identifying inefficiencies and opportunities for improvement
• enable decentralized governance, allowing for more transparent and democratic decision-making in areas such as climate policy and natural resource management
• create new financial instruments, such as green bonds

Artificial Intelligence tools can be used independently or in combination can be foundational in various domains, such as:

• Energy use optimization
• Renewable energy integration
• Climate modeling
• Sustainable agriculture
• Green transportation

While both blockchain and AI can help to accelerate progress towards a more sustainable and equitable future, it is important to ensure that they are adopted with proactive digital ethics and cyber resilience programs in place. Significant guardrails must be provided to uphold human rights and not cause novel unitended negative environmental consequences.

Conclusion

Achieving the UN SDG 2030 agenda and the UN Net Zero 2050 agenda will require not only a comprehensive, large-scale digital and business transformation. It will also demand significant investments, new legal frameworks, multi-stakeholder partnerships, and business diplomacy.?

Investments will need to come from a range of sources, including public and private sector investment, development finance, philanthropy, and impact investment.? To achieve the SDGs, and the Net Zero 2050 agenda, new legal frameworks will be required to support sustainable development and decarbonization. This may include new regulations to limit greenhouse gas emissions, promote sustainable land use and forest protection, and ensure the responsible use of natural resources.? The scale and complexity of the challenges we face require a collaboration among governments, businesses, civil society, and other stakeholders. Multi-stakeholder partnerships can facilitate the sharing of knowledge and resources, foster innovation, and promote greater accountability and transparency.? In the context of the SDGs and the Net Zero 2050 agenda, business diplomacy can be used to encourage companies to adopt sustainable practices and facilitate the change to a low-carbon emission economy.?

Future Directions

A net-zero economy will also require a shift towards a circular economy, where resources are kept in use for as long as possible and waste is minimized. This will require innovation in materials science, product design, and waste management systems, as well as the disruption of the traditional linear economy model.?

Evolving to the next iterations of the world wide web?(Web 3.0, web 4.0, web 5.0)?and the onset of the next industrial revolution ( industry 5.0) can become powerful catalysts for achieving a net-zero economy.