What it will cost to get to net-zero
In economic and social terms, McKinsey explains how achieving this goal will impact everyone globally.
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THE story of human progress is a heartening one. People everywhere are living longer, healthier and more prosperous lives. Consider: In Singapore in 1960, life expectancy was 65 years; now it is more than 83. Per capita GDP in Singapore has risen from US$24,000 in 2000 to almost US$60,000 in 2020. It was just US$428 in 1960.
But here's the terrible irony. That progress is threatening the very condition that made it possible: the stability of the earth's climate. The effects of climate change are already visible, and they will only get worse if emissions of greenhouse gases (GHGs) are not radically reduced.
"Net-zero" refers to the goal of reducing emissions to the extent possible, and balancing any remaining emissions which cannot be eliminated, in order to stop the addition of GHG emissions to the atmosphere. Climate science tells us that limiting the rise of the earth's temperature to no more than 1.5 degrees Celsius would reduce the odds of initiating the most catastrophic impacts of climate change.
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