Shifting from high-carbon economies to low-carbon economies on a global scale could bring substantial benefits for all countries.[4] It would also contribute toclimate change mitigation.
There are many synonyms or similar terms in use forlow-carbon economy which stress different aspects of the concept, for example:green economy,sustainable economy,carbon-neutral economy,low-emissions economy, climate-friendly economy, decarbonised economy.
The termcarbon inlow-carbon economy is short hand for allgreenhouse gases.
TheUK Office for National Statistics published the following definition in 2017: "The low carbon economy is defined as economic activities that deliver goods and services that generate significantly lower emissions of greenhouse gases; predominantly carbon dioxide."[5]: 2
GHG emissions due to human activity are the dominant cause of observedclimate change since the mid-20th century.[3] Continued emission of greenhouse gases will cause long-lasting changes around the world, increasing the likelihood of severe, pervasive, and irreversibleeffects for people and ecosystems.[3]
Achieving a low-carbon economy involves reducinggreenhouse gas emissions in all sectors that produce greenhouse gases, for example energy, transportation, industry, and agriculture. The literature often speaks of atransition from a high-carbon economy to a low-carbon economy. This transition should take place in a just manner (this is termedjust transition).[7]: 75
On the international scene, the most prominent early step in the direction of a low-carbon economy was the signing of theKyoto Protocol, which came into force in 2005, under which most industrialized countries committed to reduce their carbon emissions.[8][9]
The main benefit of a transition to low-carbon economies is that it would contribute towardsclimate change mitigation. Apart from that, other co-benefits can also be identified: Low-carbon economies present multiple benefits to ecosystem resilience,[11] trade, employment, health, energy security, and industrial competitiveness.[12][13]
During the green transition, workers incarbon-intensive industries are more likely to lose their jobs. The transition to a carbon-neutral economy will put more jobs at danger in regions with higher percentages of employment in carbon-intensive industries.[14][15][16] Employment opportunities by the green transition are associated with the use of renewable energy sources or building activity for infrastructure improvements and renovations.[17]
Low emission industrial development andresource efficiency can offer many opportunities to increase the competitiveness of economies and companies. According to theLow Emission Development Strategies Global Partnership (LEDS GP), there is often a clear business case for switching to lower emission technologies, with payback periods ranging largely from 0.5–5 years, leveraging financial investment.[18]
Low carbon power generation sources includewind power,solar power,nuclear power and mosthydropower.[21][22] The term largely excludes conventionalfossil fuel plant sources, and is only used to describe a particular subset of operating fossil fuel power systems, specifically, those that are successfully coupled with aflue gascarbon capture and storage (CCS) system.[23] Globally almost 40% of electricity generation came from low-carbon sources in 2020: about 10% being nuclear power, almost 10% wind and solar, and around 20% hydropower and other renewables.[20] Very little low-carbon power comes from fossil sources, mostly due to the cost of CCS technology.[24]
As of 2021, the expansion of nuclear energy as a method of achieving a low-carbon economy has varying degrees of support.[25] Agencies and organizations that believe decarbonization is not possible without some nuclear power expansion include theUnited Nations Economic Commission for Europe,[26] theInternational Energy Agency (IEA),[27] and theInternational Atomic Energy Agency.[28] The IEA believes that widespread decarbonization must occur by 2040 in order mitigate the adverse effects of climate change and that nuclear power must play a role.
The GeGaLo index of geopolitical gains and losses assesses how the geopolitical position of 156 countries may change if the world fully transitions to renewable energy resources. Former fossil fuel exporters are expected to lose power, while the positions of former fossil fuel importers and countries rich in renewable energy resources is expected to strengthen.[42]
^"Electricity production by source, World". Our World in Data, crediting Ember.Archived from the original on 1 December 2024. OWID credits "Source: Ember's Yearly Electricity Data; Ember's European Electricity Review; Energy Institute Statistical Review of World Energy".
^Wang, Jingtian; Zhou, Yi; Cooke, Fang Lee (2022). "Low-carbon economy and policy implications: a systematic review and bibliometric analysis".Environmental Science and Pollution Research.29 (43):65432–65451.Bibcode:2022ESPR...2965432W.doi:10.1007/s11356-022-20381-0.PMID35486269.
^Kök, A. Gürhan; Shang, Kevin; Yücel, Safak (23 January 2020). "Investments in Renewable and Conventional Energy: The Role of Operational Flexibility".Manufacturing & Service Operations Management.22 (5):925–941.doi:10.1287/msom.2019.0789.ISSN1523-4614.S2CID214122213.
^"Abolishing fossil fuel subsidies: a brain teaser rather than a no-brainer". 23 January 2024.Reforming fossil fuel subsidies is a complex task for politicians. All in all, our study shows that abolishing fossil fuel subsidies is a no-brainer only for a limited number of subsidies. Abolishing inventoried fossil subsidies does not appear to help the energy transition in all cases. It is important to assess policies from the perspective of adequate pricing of climate damage and other externalities.
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