Achieving 2050 climate neutrality goal contingent on expanding investments

Pattabi Seshadri, Senior Partner and Managing Director of Boston Consulting Group, stressed that the ADIPEC 2023 is gaining momentum and importance as it brings together industry leaders and policymakers to focus on integrating and scaling up green technologies, which is essential to achieving the climate neutrality goals by 2050. In his statements to the Emirates News Agency (WAM) on the sidelines of ADIPEC 2023, Seshadri said that current solutions can only reduce 45 percent of the world's annual 51 giga-tonnes of carbon dioxide and greenhouse gas emissions, highlighting the need to accelerate innovation and encourage investment in the energy sector. Despite the significant US$2 trillion in current investments in clean and sustainable energy, reaching current climate goals will require double that amount, or $4 trillion annually, starting in 2030, he added. He also expressed optimism about the capacities and efforts that can help achieve the climate goals, most notably when current capacities are used optimally, and future technologies are developed. The path to sustainability in the energy sector is not just about facing challenges, but it is also about exploring the vast opportunities that will come with the transformation, he further added, affirming that these opportunities could create up to $25 trillion in business value by 2040. The region is critical to the global energy ecosystem and energy transition and has great potential, as proven by the investments in future sectors, such as hydrogen, Seshadri said in conclusion.