Some climate technologies are far off the mark for reaching net-zero targets. Senior partner Harry Bowcott and coauthors note that many green tech solutions, such as carbon removals and green-hydrogen production, are falling well short of their goals. More mature technologies—including offshore wind power and battery electric vehicle production—are outpacing expectations. The pace of growth for climate tech will help determine whether net-zero emissions are in reach by 2030.
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Ten line graphs show both historical and projected deployment of selected climate technologies, including 4 more mature technologies and 6 emerging or next-gen ones. Each graph has 2 lines for the net-zero and current trajectories of adoption. The more mature technologies—solar-power generation, offshore wind power generation, nuclear power generation, and battery electric vehicle sales—are projected to hit or exceed their net-zero targets by 2030, with the exception of nuclear power. None of the emerging technologies—nature-based carbon credits, alternative-protein demand, green-hydrogen production, plastic-waste recycling, carbon capture, and carbon removal—are projected to reach their net-zero goals.
Source: IEA; Global Energy Perspective 2023, McKinsey, Oct 18, 2023.
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To read the article, see “A radical approach to cost reduction at climate tech companies,” June 18, 2024.