Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Trading

UK needs tougher policies, more public awareness to hit zero emissions, report says

2021 07 11T231253Z 1 LYNXMPEH6A0E7 RTROPTP 4 CLIMATE CHANGE BRITAIN - Global Banking | Finance

By Nina Chestney

LONDON (Reuters) – Britain must introduce tougher policies to make residential heating more efficient and consumers need to cut energy usage to meet the nation’s target of net zero emissions by mid century, the National Grid said in a report released on Monday.

The National Grid Electricity System Operator (ESO), which distributes power around the country, modelled different scenarios in its report, with three showing how Britain could meet its goal in 2050 or sooner and fourth that misses it.

A cross-party group of lawmakers also said last week the government needed do more to engage the public and should publish policy plans on how it aimed to meet its net zero emissions target.

In the National Grid various scenarios, Britain could by 2050 have up to 37.4 million electric vehicles on the road and road transport energy demand could fall by 60%. Britain could also have negative emissions from power generation by 2034, if carbon capture was included.

Green hydrogen — or gas made by splitting water via electrolysis using wind, solar or another renewable energy source — could play a role in achieving net zero emissions, according to scenarios in the report.

But the report said society also had to change.

In the most ambitious scenario, households in 2050 would turn down their heating thermostats by an average of 1 degree Celsius and more than 80% would be charging electric vehicles using off-peak power. The scenario also envisaged no natural gas consumption without carbon capture and storage after 2035.

“Consumers will need a greater understanding of how their power use and lifestyle choices impact how sustainable our energy system will be,” said Matthew Wright, head of strategy and regulation at National Grid ESO.

“Government policy will be key to driving awareness and change,” he added.

(Reporting by Nina Chestney; Editing by Edmund Blair)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post