In the simplest terms, decarbonization means reducing the amount of carbon in the atmosphere. Specifically, when it comes to climate change, decarbonization references the framework of converting to an economic system that lowers CO2 emissions by replacing fossil fuels with clean energy sources.

The global economy and manufacturing processes have primarily leveraged fossil fuels for the past three centuries. Unprecedented industrial growth from the middle of the 18th century paved the way for incredible human achievements. Industrialization resulted in higher income, faster and more efficient production, increased life expectancy on average, and the ability for technology to advance quickly.

This progress has come at a cost though. Because our economy relied heavily on coal and other fossil fuels, they exponentially contributed to accelerating climate change. We have now reached a point where the Earth is warming incredibly quickly, causing drastic changes in wildlife survivability as well as overall habitability.

Erratic weather patterns are causing ecological catastrophe worldwide, increasing in both frequency and severity. If we don't act swiftly and precisely, the chances are that climate change will usher in a new era in Earth's history - one where all life is in danger.

Most scientists agree that aggressive and heavy decarbonization is the only way of reaching our global temperature targets. While there's hope, there's also a need to act urgently. According to a recent report by the Intergovernmental Panel on Climate Change (IPCC), we have all the solutions to rapidly decarbonize the economy and meet the Paris Agreement's goal of limiting warming to 1.5C. But we are lacking political will.

This article explores what decarbonization is, why it's vital in helping us fight climate change, and what we can do in order to achieve what the Paris Agreement entails.

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What is Decarbonization?

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Decarbonization is simply the process of reducing emissions of carbon dioxide. The power sector uses various energy technologies, including solar power, nuclear power, and fossil fuels (natural gas, coal, oil).

Non-renewable energy, e.g. burning fossil fuels like natural gas and coal, sends enormous amounts of carbon dioxide into the atmosphere, accelerating global warming. Decarbonization aims to eliminate carbon dioxide generated by the energy, building, and transportation industries in an effort to slow down and ultimately stop climate change.

We have already made some progress in the switch to renewable energy, which now produces a third of all power capacity worldwide. Using technology like wind power, solar power, and even biomass, we've begun to decrease carbon emissions and replace fossil fuels with cleaner technologies.

Encouraging the use of electric vehicles can also speed up decarbonization, as the transport sector currently accounts for around 14 percent of global greenhouse gas emissions. By rapidly and dramatically decreasing carbon emissions from the power and transport sectors alone, we can meet our net-zero targets sooner and in line with promises made in the Paris Agreement.

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How do We Achieve Decarbonization?

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Worldwide, we are still hugely dependent on non-renewables. Although the use of clean energy systems like solar and wind are rising in popularity, the sector still isn't growing fast enough to outpace fossil fuels at the rate required to reach net-zero emissions by 2050.

While both individuals and governments say that they want to reduce carbon emissions, all too often we fail to align our actions with our desire to limit climate change. Climate policy and personal choices are both critical components of a successful decarbonization strategy.

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All too often, acting on climate change doesn't feel urgent enough. Climate action takes a backseat to other competing priorities, such as the COVID-19 pandemic. When climate legislation does get proposed, politicians can't agree on how or exactly what climate change legislation to focus on, and these critical policies get bogged down in debate.

The good news is that we have all the tools we need to rein in carbon pollution and reduce greenhouse gas emissions by a significant enough margin to prevent the worst outcomes of climate change. And there are plenty of things we can do as individuals to play our part.

There is no silver bullet to the challenge of climate change. While we explore some of these solutions, even the solutions may have some scratching their heads. The most important thing to remember with climate change is that time is not on our side. Decarbonizing our economy as quickly as possible is our primary mission.

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Renewables

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The best way to quickly reduce carbon emissions is to dramatically increase the electricity generated by renewables. Renewable energy like wind, solar, and hydro are all incredibly efficient when it comes to power generation. The main issue is cost - to make the switch to renewables, it will cost a lot to simultaneously shut down (decommission) the old power plants and build renewable power plants.

When it comes to price alone, increased adoption has already caused these energy generation methods to be much more affordable. The greater the demand, the lower the price for clean energy will become.

But wind and solar power contribute more to the global economy than is evident at the surface level. Besides being energy efficient and having virtually zero emissions, these sectors represent huge growth opportunities in our economy.

Wind power is great in combination with other renewables such as solar or hydro because when there's no wind, you can relay on other energy sources. Many people think that if there's no wind or it's cloudy, the electric grid will fail. This is a common misconception. Excess energy is dumped into energy storage, which constantly gets looped back into the grid. This ensures a healthy and secure flow of energy. There are also plenty of other energy streams (including WTE and biofuels) and carbon capture technologies that are far less carbon-intensive than traditional fossil fuels that can help fill the gap.

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Electric Vehicles

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Another method that aids decarbonization is the use of electric vehicles. Up until just a few years ago, many electric vehicles were only able to cover around 200 miles on one charge. This was a severely limiting factor. Fortunately, current technology has enabled these vehicles to be on par with internal combustion engines.

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Although vehicles running on electricity are safer and better for the environment, the batteries used in electric cars still need to be disposed of once used up. We currently do not have the technology to dispose of them safely and in a way that doesn't harm the environment. This is a challenge we still need to tackle, along with safely and humanely mining for critical components of the batteries, like lithium. There are plenty of companies working on this challenge.

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Energy Efficiency

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Decarbonizing our economy isn't just about creating new renewable sources of energy. It's also about decreasing electricity demand. All stakeholders (from individuals to Fortune 500 companies to governments around the world) can contribute to the energy transition by substituting more energy efficient versions of equipment and processes.

By reducing the aggregate demand for energy, it becomes less necessary to build new plants to meet existing and future energy needs.

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What does Net Zero mean?

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Net-zero stands for net-zero emissions that the Paris Agreement aims to achieve by the year 2050. This is a goal signed by 197 nations, most of which have started making the change towards wind and solar.

Net-zero emissions mean getting to a point where the emissions we release are equivalent to those removed from the atmosphere. This can only be achieved by major reductions in carbon emissions from the biggest polluting industries, such as the energy and economic sectors.

In lieu of reducing emissions, many industrial sectors, companies and governments are seeking ways to "offset" emissions as a path to achieving Net Zero emission targets. While this path won't decarbonize the economy and create long-term solutions, carbon removal can help elongate the timeline we have until the worst climate outcomes are realized.

Direct air capture refers to new technologies that permanently remove CO2 and other greenhouse gas emissions from the air. These technologies are still young and too expensive to be deployed at scale.

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Personal Choices That Reduce Your Carbon Footprint

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As people living on this planet, we have an obligation to protect the natural world that provides everything we need to thrive. Corporations often make promises about reducing their carbon dioxide emissions and then fail to act. Even more egregious, they often knowingly pollute the air and water around them.

Beyond that, while the government should be enacting and enforcing climate legislation, they instead get bogged down in politics and achieve nothing, leaving both the people that live near polluting corporations and the wildlife at risk.

However, technology has come a long way, and renewables are more affordable than ever. Many state governments are creating incentives and discounts for people to set up their own solar panels and generate electricity for themselves and others. Similarly, there other changes you can make inside your home to reduce how much electricity you use, like installing a smart thermostat.

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Installing Solar Panels on Your Home

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Out of all the major players in the renewables sector (Wind, Solar, Geothermal, and Hydro), solar energy is the easiest and cheapest to harvest. Solar panels are easy to come by in most first-world countries such as the USA. But just because solar is technically the cheapest option doesn't mean it's actually that cheap. A smaller solar farm will set you back some $5,000, although you won't be able to power a lot with it.

The best starter choice (if you have the money) is to get a setup that costs between $12,000 and $18,000. Solar farms and associated equipment like battery storage, electric heat pumps and electric stoves can cost upwards of $75,000. These solar farms usually generate between 6kW and 10kW of electricity. The general electricity costs may seem higher here but you won't be paying a lot once you've set everything up.

There are a few affordable loan options for those willing to invest in their home's electric power energy system.

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Driving an Electric Vehicle

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An EV is considered a vehicle that runs either partially or fully on electric energy. These vehicles feature lithium-ion batteries that are rechargeable at charging stations. The power sector has started promoting this mode of transportation due to its inherently low impact on the environment and atmosphere.

Hybrid vehicles are those that have an internal combustion engine as well as a battery. This system is a great choice, even if the internal combustion engine lets out a greenhouse gas or two. The internal combustion engine is aided by battery power to prolong the vehicle's range. On top of that, this type of energy production and consumption is fairly efficient.

The energy storage of these vehicles has drastically increased over the past five years, with most models going around 300 miles without recharging. Previously, electric vehicles had to be recharged after 100 or so miles.

The latest electric charging stations can provide "rapid charging" at a rate of between 100 and 200 miles of range in 20-30 minutes. Home chargers are slower but much more convenient when you're at home.

Although electric vehicles are becoming more affordable, many models still require a sizable monetary investment. The faster we transition away from combustion engines and over to electric cars for everything from family cars to transport vehicles and delivery vans, the faster we'll be able to make significant gains toward decarbonization.

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Align with Climate-Positive Banking and Investments

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Earlier, we said that one of the biggest challenges to decarbonizing our economy was the cost of doing so. Moving your money to a bank (or investment company) that actively uses your money to invest in low carbon or no-carbon technologies to reduce global emissions significantly helps accelerate the clean economy. Otherwise, your money is probably diversified across lots of sectors and may be directly supporting the fossil fuel industry.

Recent companies like Atmos Financial enable people to maximize their personal impact on climate by committing all of a person's deposit capital towards projects and assets reducing carbon emissions. Notably different from dramatically changing eating habits (less meat = less methane emissions), swapping out an old gas guzzler or investing in a home solar system, moving your money is one of the easiest and most effective things we can all personally do have a positive impact on the climate.

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Final Words

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Our future is not looking good. We're far from the Paris Agreement targets and simply aren't doing enough in the grand scheme.

However, it still isn't as bleak as it sounds. People worldwide have started aiding the climate movement by making the switch to renewables. Corporations are (hopefully) to be met with specific demands and guidelines that they must fulfill if they're in the heavy industry.

And although we aren't entirely on track to achieve what we need to, enough has been done to believe that it is possible. The more people understand what decarbonization means for their and our future, the better it will be for all of us.

We all have our part to play in all of this. It is up to us to make changes to our lifestyle and how we produce energy because, let's face it - there's no other way to fix what we've done in the past.

The time to act is now. If national governments still aren't doing enough for our planet, we need to take the helm and make the necessary changes. A decarbonized, clean economy is the future; as long as we have that in mind and strive towards it - we will make the much-needed changes to heal this planet.