Does a low carbon economy require big sacrifices in economic growth? Are large cuts in emissions technologically feasible? This PricewaterhouseCoopers report, which updates an earlier analysis in 2006, addresses these and other burning issues and concludes that global carbon emissions could more than double by 2050 in a 'business as usual' scenario, but in fact need to be cut by around a half by that date in order to stabilise atmospheric concentrations of carbon dioxide at acceptable levels.
The report comments on some of the key conditions needed to achieve this without undue economic costs, including the global pricing of emissions through an appropriate mix of carbon markets and carbon taxes and the role of governments in setting clear long-term targets for reducing global emissions. The report argues that action is needed now on a wide range of fronts such as increased energy efficiency, greater use of renewables and nuclear power, carbon capture and storage (CCS), and reversing deforestation.