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- ItemEnergy system developments and investments in the decisive decade for the Paris Agreement goals(Bristol : IOP Publ., 2021-6-29) Bertram, Christoph; Riahi, Keywan; Hilaire, Jérôme; Bosetti, Valentina; Drouet, Laurent; Fricko, Oliver; Malik, Aman; Pupo Nogueira, Larissa; van der Zwaan, Bob; van Ruijven, Bas; van Vuuren, Detlef; Weitzel, Matthias; Dalla Longa, Francesco; de Boer, Harmen-Sytze; Emmerling, Johannes; Fosse, Florian; Fragkiadakis, Kostas; Harmsen, Mathijs; Keramidas, Kimon; Kishimoto, Paul Natsuo; Kriegler, Elmar; Krey, Volker; Paroussos, Leonidas; Saygin, Deger; Vrontisi, Zoi; Luderer, GunnarThe Paris Agreement does not only stipulate to limit the global average temperature increase to well below 2 °C, it also calls for 'making finance flows consistent with a pathway towards low greenhouse gas emissions'. Consequently, there is an urgent need to understand the implications of climate targets for energy systems and quantify the associated investment requirements in the coming decade. A meaningful analysis must however consider the near-term mitigation requirements to avoid the overshoot of a temperature goal. It must also include the recently observed fast technological progress in key mitigation options. Here, we use a new and unique scenario ensemble that limit peak warming by construction and that stems from seven up-to-date integrated assessment models. This allows us to study the near-term implications of different limits to peak temperature increase under a consistent and up-to-date set of assumptions. We find that ambitious immediate action allows for limiting median warming outcomes to well below 2 °C in all models. By contrast, current nationally determined contributions for 2030 would add around 0.2 °C of peak warming, leading to an unavoidable transgression of 1.5 °C in all models, and 2 °C in some. In contrast to the incremental changes as foreseen by current plans, ambitious peak warming targets require decisive emission cuts until 2030, with the most substantial contribution to decarbonization coming from the power sector. Therefore, investments into low-carbon power generation need to increase beyond current levels to meet the Paris goals, especially for solar and wind technologies and related system enhancements for electricity transmission, distribution and storage. Estimates on absolute investment levels, up-scaling of other low-carbon power generation technologies and investment shares in less ambitious scenarios vary considerably across models. In scenarios limiting peak warming to below 2 °C, while coal is phased out quickly, oil and gas are still being used significantly until 2030, albeit at lower than current levels. This requires continued investments into existing oil and gas infrastructure, but investments into new fields in such scenarios might not be needed. The results show that credible and effective policy action is essential for ensuring efficient allocation of investments aligned with medium-term climate targets.
- ItemReducing stranded assets through early action in the Indian power sector(Bristol : IOP Publ., 2020) Malik, Aman; Bertram, Christoph; Despres, Jacques; Emmerling, Johannes; Fujimori, Shinichiro; Garg, Amit; Kriegler, Elmar; Luderer, Gunnar; Mathur, Ritu; Roelfsema, Mark; Shekhar, Swapnil; Vishwanathan, Saritha; Vrontisi, ZoiCost-effective achievement of the Paris Agreement's long-term goals requires the unanimous phase-out of coal power generation by mid-century. However, continued investments in coal power plants will make this transition difficult. India is one of the major countries with significant under construction and planned increase in coal power capacity. To ascertain the likelihood and consequences of the continued expansion of coal power for India's future mitigation options, we use harmonised scenario results from national and global models along with projections from various government reports. Both these approaches estimate that coal capacity is expected to increase until 2030, along with rapid developments in wind and solar power. However, coal capacity stranding of the order of 133–237 GW needs to occur after 2030 if India were to pursue an ambitious climate policy in line with a well-below 2 °C target. Earlier policy strengthening starting after 2020 can reduce stranded assets (14–159 GW) but brings with it political economy and renewable expansion challenges. We conclude that a policy limiting coal plants to those under construction combined with higher solar targets could be politically feasible, prevent significant stranded capacity, and allow higher mitigation ambition in the future.