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Its aim was never to achieve deep emission reductions in itself.
This paper addresses the issue of environmental policy instrument choice for achieving deep emission reductions in the industrial sector.
Specifically, it provides: (a) a theoretical and empirical review of the conditions under which performance standards can provide efficient incentives for deep emission reductions and technology adoption; and (b) an analysis of the design and the outcomes of the standards-based regulation of industrial pollutants in Sweden during the period 1970 1990.
In such deep emission reduction scenarios, we estimate that energy system costs (accounting for investments on the energy supply side and in transportation demand technologies, as well as fuel and O&M costs) could be around 8 17% higher than in a reference case.
"Paris is all about putting in the pathways, policies and actions that will eventually lead to the world making the kinds of deep emission reductions able to keep under that 2 degrees Celsius temperature rise," said Nick Nuttall, head of communications and outreach at the UNFCCC.
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"The government needs to acknowledge there is a climate change problem and commit to very deep emissions cuts.
This will place us well for the deep emissions cuts that are required here over the next decades.
In other words, while deep emissions cuts (what experts call "mitigation") remain the top priority, that alone is no longer enough.
The NAO said there is now "no viable way to achieve deep emissions reductions from the industrial sector in the near future".
Under option 1, the stronger option, countries aim to peak global greenhouse gas emissions as soon as possible, with rich countries making deep emissions cuts by 2050 with an end goal of net zero greenhouse gas emissions.
Major developing countries will also need to contribute if we are to achieve the overall 50 per cent global cut needed by 2050, but deep emissions cuts in these rapidly growing economies are unlikely before 2030.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com