What is net zero? Is it possible to achieve?

To begin with, let's discuss what is net zero and why it is necessary:

In net zero, greenhouse gases entering the atmosphere are balanced by their removal. A net zero state - at least for CO2 - is an indication that global warming has stopped. Due to the fact that global CO2 emissions are proportional to global warming, the planet will continue to heat as long as global emissions remain above zero. Accordingly, global warming will continue to cause climate damage, accompanied by escalating greenhouse gas emissions.

The Paris Agreement emphasizes the importance of net zero emissions.

As part of the Paris Agreement, we must reach net zero emissions. Keeping global average temperature increases below 2°C is crucial, and limiting them to 1.5°C is preferred.?IPCC's Special Report Global Warming of 1.5°C emphasizes the need to achieve a global balance between emissions and removals by 2050 to keep global temperatures from rising above 1.5°C.?

As part of the Paris Agreement, by the second half of this century, countries must achieve balance between greenhouse gas emissions coming from sources and their removal from sinks.

There are several challenges to achieving net zero?emissions:

A successful transition could be derailed by a pitfall observed in that quote. A shift in demand toward low emissions, but a lag in supply, could lead to undersupply, price increases, and inflation. The supply pivot is certainly a responsibility for businesses around the world. Governments play an equally important and even more critical role in the net-zero transition on the supply side. To shift our economies toward decarbonization, we'll need both carrot and stick policies, such as tax incentives for renewable energy (a carrot) and carbon taxes on high-emission energy sources (a stick).

The transition from high-emission to low-emission activities must not only match demand shifts overall, but also be smooth and orderly. It would be impossible for our economies to handle the closure of all coal-fired power plants tomorrow, as much as I wish it were otherwise. However, that doesn't mean coal has a bright future economically. The supply-side transition needs to be guided by meaningful plans. By analogy, an airplane can’t land by nose-diving into the ground, but neither can it fly forever. The best pilots have a plan for a smooth landing.

In order to achieve a green economy, energy efficiency and renewable electricity generation will have to be improved significantly along with the development of cutting-edge technology.

Race to Net zero:

Net zero is important since it will be very difficult to reduce all emissions to zero in the timeframe required. We will also need to scale up removals as well as cutting emissions deeply and widely. Net zero must be permanent in order to be effective. In other words, permanence refers to the fact that greenhouse gases removed from the atmosphere are not returned to it over time, for example, through the destruction of forests or the improper storage of carbon. The terms Carbon Neutral, Net Zero, and Climate Neutral refer to different ways in which emissions sources and sinks are accounted for.

There are many effective climate actions that are aligned with the net zero goal that can be taken to advance progress towards this goal. In the global 'Race to Zero' campaign, which focuses on increasing ambition, many actors can achieve absolute zero or zero emissions. Some projects will need to be supported, while others will need to scale up removals directly.

G20 countries, which generate 80 percent of carbon emissions, in particular, need to significantly increase their ambition and action levels to target net zero environment.

The most feasible pathways to net-zero emissions include four main strategies: ?

1.????Emission-free electricity generation ?

2.????Use electricity instead of fossil fuels to power vehicles and equipment. ?

3.???Utilize energy more efficiently ?

4.???Remove carbon dioxide from the atmosphere ?

In order to achieve net-zero emissions by the end of the century, governments have the biggest responsibility. However, businesses, investors, cities, states, and regions also need to meet their net-zero pledges.?

India has started taking actions towards achieving net zero emissions and took the three immediate actions and initialized the path. To reduce carbon intensity and create green jobs, the budget prioritizes the use of green fuel, energy, and building practices.

Firstly, On January 4, 2023, the government approved the National Green Hydrogen Mission, which aims to make India an energy-independent nation.

Secondly, in the month of February, according to the Indian Finance Minister, Rs 35,000 crore is being invested in priority capital to achieve India's goal of net zero carbon emissions by 2070. Under the Environmental Protection Act, a ?#greencredit?programme will also be established to support the establishment of battery energy storage of 4,000 MwH. Moreover, the Indian government has announced an additional investment of Rs 19,700 crore in its?#greenhydrogen mission to reduce?#fossilfuel?usage and carbon intensity.

In addition, the government has also announced that it would produce five million tonnes of green hydrogen by 2030. In the next five years, the Indian government plans to reduce green hydrogen prices by a fifth. Taking the?#greengrowth approach will build a cleaner, better future for us all.

Achievable:

Climate change presents a global threat, and the world needs to find global solutions, such as supporting the efforts of developing countries to mitigate and adapt to it. In recent years, many countries have begun to take steps toward achieving net zero emissions. Those countries and businesses that have not yet started the engine to save environment need to do so as soon as possible. It is possible to achieve the new zero if everyone on this planet contributes to making it happen.

All the best. Net zero will be achieved by 2050.

Rohit Pathak? Girish Tanti Steve Abbott Stephen Lund ICD.D Pete Dennis Manoj Kannanthodath Matthew Laloggia Matt Schwartz Niharika Srivastav Anjali Lothe Vishal Vishwambharan Vishal Sethi Muthige P Divakar Sridevi Murugayen Wayne T Collins, CFM, MIWFM Khaled Abu Farah GUILHERME MENDONCA Yves Desjardins-Siciliano ICD.D/IAS.A Faisal Kazi , ICD.D