Australia- The net zero is a study conducted with collaborations between the University of Queensland, University of Melbourne, Princeton University and the international management consultancy Nous Group. The study will focus on decarbonization, the economic aspects of reducing pollution and others. Researchers from the University of Queensland have stated that an out-of-the-box approach is needed and there could also be an additional 1 million energy jobs.
Project Director Associate Professor Simon Smart, from the Dow Centre for Sustainable Engineering Innovation of the University of Queensland stated that the transition needed will be a hard task but also a once-in-a-generation chance to build the nation. Dr Smart further pointed out the need to move forward at a scale never seen before and continuing the way things are done will progress slowly to the net zero future, hence the need for a change of approach for the infrastructure and technology needs. He further pointed out that the findings demonstrate opportunities such as jobs and a more stable price on energy in future less impacted by rapid price increases.
Inflation followed by the pandemic which was severely impacted by lockdowns across the world have caused sudden price shock where impact is set to be the most severe during the winter season when energy consumption is higher amongst households. Energy prices set to be of particular concern in most parts of Europe. Ofgem the UKs Gas and Electricity regulator has predicted a rapid rise in energy many households are likely to face a tough choice in choosing between buying food, also hit by inflation or buying energy.
The research looked into 5 likely zero emissions cases and the effects of lowering emissions with the use of renewables, carbon capture utilization and storage, together with replacing technologies that use fossil fuels with ones that use electricity, such as EVs.
Dr Smart further stated that the findings indicate electrification of certain sectors and enhanced production with new innovations could in fact lower energy even with rising inflation and population growth.
