The Decarbonization Imperative

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Time is of the essence as climate change threatens to reshape our economy and society for generations. To avoid its worst effects, we must decarbonize the global economy by 2050. This requires a complete transition to battery-powered electric vehicles and non-carbon-emitting power sources for our electricity needs. It involves electrifying the industrial sector and replacing carbon-intensive processes in key industries like steel, cement, and petrochemicals, while also ensuring sustainable farming to feed a growing population. In response to this existential threat, the authors propose a radical reconfiguration of the most harmful industries. They highlight the importance of disruptive innovation and a careful calibration of industry dynamics to facilitate this change. The analysis covers specific sectors, including agriculture, industrials, energy, and transportation, exploring the challenges and obstacles to implementing a paradigm shift in each. The authors question how much transformation can be achieved within existing business practices and products. They emphasize the critical role of markets in driving change, which operate within a broader framework of institutional rules and norms. The conclusion includes an examination of policy interventions and strategies necessary to advance clean technology and achieve decarbonization by 2050.