Net zero emissions in the context of "Low-carbon economy"

A low-carbon economy (LCE) is an economy which absorbs as much greenhouse gas as it emits. Greenhouse gas (GHG) emissions due to human activity are the dominant cause of observed climate change since the mid-20th century. There are many proven approaches for moving to a low-carbon economy, such as encouraging renewable energy transition, energy conservation, and electrification of transportation (e.g. electric vehicles). An example are zero-carbon cities.

Shifting from high-carbon economies to low-carbon economies on a global scale could bring substantial benefits for all countries. It would also contribute to climate change mitigation.

Carbon dioxide removal (CDR) is a process in which carbon dioxide (CO₂) is removed from the atmosphere by deliberate human activities and durably stored in geological, terrestrial, or ocean reservoirs, or in products. This process is also known as carbon removal, greenhouse gas removal or negative emissions. CDR is more and more often integrated into climate policy, as an element of climate change mitigation strategies. Achieving net zero emissions will require first and foremost deep and sustained cuts in emissions, and then—in addition—the use of CDR ("CDR is what puts the net into net zero emissions" ). In the future, CDR may be able to counterbalance emissions that are technically difficult to eliminate, such as some agricultural and industrial emissions.

CDR includes methods that are implemented on land or in aquatic systems. Land-based methods include afforestation, reforestation, agricultural practices that sequester carbon in soils (carbon farming), bioenergy with carbon capture and storage (BECCS), and direct air capture combined with storage. There are also CDR methods that use oceans and other water bodies. Those are called ocean fertilization, ocean alkalinity enhancement, wetland restoration and blue carbon approaches. A detailed analysis needs to be performed to assess how much negative emissions a particular process achieves. This analysis includes life cycle analysis and "monitoring, reporting, and verification" (MRV) of the entire process. Carbon capture and storage (CCS) are not regarded as CDR because CCS does not reduce the amount of carbon dioxide already in the atmosphere.

Carbon accounting (or greenhouse gas accounting) is a framework of methods to measure and track how much greenhouse gas (GHG) an organization emits. It can also be used to track projects or actions to reduce emissions in sectors such as forestry or renewable energy. Corporations, cities and other groups use these techniques to help limit climate change. Organizations will often set an emissions baseline, create targets for reducing emissions, and track progress towards them. The accounting methods enable them to do this in a more consistent and transparent manner.

The main reasons for GHG accounting are to address social responsibility concerns or meet legal requirements. Public rankings of companies, financial due diligence and potential cost savings are other reasons. GHG accounting methods help investors better understand the climate risks of companies they invest in. They also help with net zero emission goals of corporations or communities. Many governments around the world require various forms of reporting. There is some evidence that programs that require GHG accounting help to lower emissions. Markets for buying and selling carbon credits depend on accurate measurement of emissions and emission reductions. These techniques can help to understand the impacts of specific products and services. They do this by quantifying their GHG emissions throughout their lifecycle (carbon footprint).

The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly known as COP28, was the 28th United Nations Climate Change conference, held from 30 November to 13 December at Expo City, Dubai, United Arab Emirates. The COP conference has been held annually (except for the year 2020 due to the COVID-19 pandemic) since the first UN climate agreement in 1992. The event is intended for governments to agree on policies to limit global temperature rises and adapt to impacts associated with climate change.

The conference was originally scheduled to end on 12 December, but had to be extended following Saudi objections on the final agreement. On 13 December, the conference president, Sultan Al Jaber announced that a final compromise agreement between the countries involved had been reached. The deal commits all signatory countries to move away from carbon energy sources "in a just, orderly and equitable manner" to mitigate the worst effects of climate change, and reach net zero by the year 2050. The global pact, referred to as the UAE Consensus, was the first in the history of COP summits to explicitly mention the need to shift away from every type of fossil fuels, but it still received widespread criticism due to the lack of a clear commitment to either fossil fuel phase-out or phase-down. China and India did not sign the pledge to triple their output of renewable energy and committed to coal power instead.