BP: Trillion$ needed to reduce global warming

TRILLIONS OF DOLLARS are needed if the world is to avert disaster from global warming, said BPTT's regional president Claire Fitzpatrick in her address at the Energy Chamber's Energy Efficiency and Renewables Conference, held virtually on Wednesday.

The money is needed to keep the world below a three degree rise in temperature worldwide, and thus far only a percentage of that is being invested in the one thing that could limit climate change: new energies.

Fitzpatrick said according to BP's statistical review of world energy, released last week, global carbon emissions are expected to grow by 10 per cent in the next 20 years. To stop global warming from heating the world to a point of no return, carbon emissions need to be reduced by half the current rate.

She said while it is clear that the demand for energy will only grow, it must be energy that is reliable, affordable and kinder to the environment.

The good news is, renewable energy is on the rise.

Fitzpatrick said renewable energy now provides 10 per cent of the power globally and is the fastest growing source of energy expected to ultimately become the largest source of power, also in 20 years.

“So positive news, but the task ahead – to transition global energy systems to lower carbon – is a significant one,” she said.

“There is a lot to be done and we can’t waver in our focus on climate change.”

She said BP aims to become a net zero company – one that removes as much carbon emissions as it puts out – in the coming decades, and will help other companies and countries do the same.

She applauded TT for its continued momentum towards a lower carbon future.

“Conferences like this play a crucial role in creating pathways to the future. It provides the forum to connect, share insights, consider emerging technologies and ideas and emerging business opportunities,” she said. “BPTT remains committed to playing its role to help TT find pathways to a lower carbon future.”

The National Gas Company (NGC) also announced the launch of a new app that shows people how they use their energy and what carbon footprint they leave behind during their daily activities.

NGC chairman Mark Loquan said the app will include features that will give people tips on saving energy and an energy calculator.

He said while the app has basic features for now, it will soon include ones that could help decorate homes in the most energy efficient manner.

“Energy efficiency in our context needs to be in a mix that also takes into account the changing scenarios globally,” Loquan said.

He added that education on issues concerning reduction of carbon footprints and clean and renewable energy have penetrated societies internationally including Chile, Italy, and Paris. This could help in the reduction of carbon emissions but for a real impact, big reductions need to come reductions in from coal and oil.