Sustainability has become a hot topic in recent years. It’s being discussed in all industries and people are making their own personal lifestyle changes to live more sustainable lifestyles. The Biden administration has committed to net neutrality by signing an executive order and launched the Federal Sustainability Plan. His goal is to achieve a 65% emissions reduction from federal operations by 2030, and have net-zero emissions by 2050.
In an article by IFA Magazine, Frédérique Carrier, Head of Investment Strategy, RBC Wealth Management, explains net-zero and what life could potentially be like when we reach it.
Homes will likely receive 95 percent of their electricity from wind and solar versus some 40 percent in 2020. Most fossil fuel-powered furnaces and boilers will very likely be replaced by heat pumps.
Several emerging technologies, which are close derivatives of well-understood and commercial processes used today, could yield significant emissions reductions in the medium term. In the steel industry, pilot programs are using hydrogen to complement or replace coal in the high-temperature combustion process. Meanwhile, feasibility studies suggest the use of hydrogen could substantially reduce the amount of carbon that is emitted from a cement kiln. At the same time, it appears mixing carbon dioxide with the water used to cure concrete can add usefully to its strength, meaning less cement can be used while simultaneously locking away the carbon in the concrete.