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This paper explores the role of electricity in the transition to renewable energy to mitigate climate change. A systematic literature review with the Scopus database identified 92 papers relevant to the renewable electricity transition. A PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental) review of the papers provided a multidisciplinary analysis. The Paris Agreement created a global movement for carbon neutrality to address the threats of climate change, calling for a transition to renewable electricity to lead the way and expand into new sectors and regions. Although smaller renewable technologies are ramping up, complexities thwarting the transition include locked-in assets, high upfront costs, variability of solar and wind energy, infrastructure, difficulty in decarbonizing transportation and industry, material resource constraints, and fossil fuel support. This research found that renewables are not replacing fossil fuels to date but adding further energy demands, so that greenhouse gas emissions rose in 2021 despite an increased renewable electricity share. Without a major shift in the trillions of dollars of subsidies and investment away from fossil fuels to renewables, catastrophic climate change is predicted. This paper found that the Paris Agreement's commitment to net-zero carbon and the transition to renewable electricity are undermined by record-high levels of subsidies and financing for fossil fuel industry expansion. Transitioning to a climate-neutral economy requires an investment away from fossil fuels into renewable energy ecosystems. Renewable electricity provides possibilities to realize sustainable development goals, climate stabilization, job creation, a green economy, and energy security with careful planning. [ABSTRACT FROM AUTHOR]

The detrimental effects of climate change are becoming pressingly apparent over the decades with policy-makers clumsily grappling with various policies to mitigate on its impacts on their respective economies. However, inefficiencies permeate in the implementation of these policies as they are being implemented only at the end of the process of economic activities. To resolve such a problem, this paper develops an innovative and novel approach to internalize CO 2 emissions by proposing a ramified Taylor rule which captures a climate change premium, the level of which is directly dependent on the extent of deviation of actual CO 2 emissions from its targeted level. The key benefits of the proposed tool are that not only effectiveness level is being bolstered by applying the tool right at the start of the process of economic activities but also that funds collected out of such a climate change premium could empower governments worldwide to vigorously green their economies. The model is tested for a given economy using the DSGE approach with findings attesting to the effectiveness of the proposed tool in curtailing the level CO 2 emissions, independent of the type of monetary shock under scrutiny. Most importantly, depending on the extent of aggressiveness in mitigating the pollutants level, the parameter weight coefficient can be fine-tuned accordingly. • This paper develops an innovative model to internalize CO 2 emissions by linking CO 2 emissions to the macroeconomic state of the economy through the Taylor rule. • The model is tested using DSGE technique on a given economy. • Many benefits emanating from the newly developed model such as policy effectiveness. • A climate change premium is incorporated in the model which can provide funding to green economic activities. • The parameter weight coefficient can be fine-tuned accordingly depending on the degree of aggressiveness of the economy in mitigating CO 2 emissions. [ABSTRACT FROM AUTHOR]

Abstract Physical, Regulatory and Brand value risks due to climate change challenges are foreseen by businesses globally. This paper is oriented towards these challenges and prepared a comprehensive Greenhouse gases (GHG) footprint plan and identification of mitigation opportunities for ONGC, a fortune 500 and national oil company of India. Internationally recognized standards and guidelines like Greenhouse Gas Protocol, ISO-14064, and American Petroleum Institute compendium have been referred for quantifying carbon emissions in nearly real 400 + operation control facilities. The GHG inventory is based on Operational Control approach to identify the boundary for which emissions are to be quantified and two significant scopes of emissions viz Direct Emissions and Indirect Emissions are identified and quantified. The quantification concluded that GHG emission footprint for the year 2016–17 is in the range of 9 million tons of CO 2 equivalent. GHG emissions mainly account due to stationary combustion, fugitive emissions and wastewater treatment, which share the around 56% of total emissions. Another 24–26% of emissions are contributed due to flaring, processes by glycol dehydrator, acid gas removal units, and by electricity purchased from the grid. As a result, it has been found that ONGC emits 187 kg CO 2 e emissions per tonne throughput and also compared with its global peer organizations. At the organization level, "Key Industrial Sites" have been identified as contributing higher GHG emissions and accordingly key "hot-spots," a list of 15 GHG mitigation opportunities have been proposed in the paper. Two GHG mitigation initiatives based on solar energy and bioenergy application undertaken at ONGC has also been briefed on case studies. Highlights • Comprehensive carbon footprint plan and identification of mitigation opportunities for Oil and Natural Gas Corporation (ONGC), a fortune 500 and national oil company of India. • Guidelines like Greenhouse Gas Protocol, ISO-4064 and American Petroleum Institute compendium are referred for quantifying carbon emissions from direct and indirect sources. • Green policy, incentives and mandatory compliance. • CO2e emissions per tonne throughput and also compared with its peer global organisations. • Key hot-spots, with a list of 15 GHG mitigation opportunities. [ABSTRACT FROM AUTHOR]