Business World
Summary
Earth is already about 1.1°Celsius warmer than it was in the late 1800s and emissions continue to rise. To keep global warming to no more than 1.5°C, emissions need to be reduced by 45 per cent by 2030 and reach net zero by 2050, according to the World Bank report.
The report suggests achieving immediate emission reduction. The global renewable energy market was valued at USD 880 billion in 2020 and is projected to reach USD 2 trillion by 2030, growing at a CAGR of 8.4 per cent from 2021 to 2030, as per the report.
The report proposes investing in building construction, refrigerants and cold chains to benefit over 11 million urban homes and over 29 million rural homes. Private investments in district cooling technologies are also recommended, which could lead to a 20-30 per cent reduction in energy bills.
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