Commissioned by the UN-convened Net-Zero Asset Owner Alliance and the European Climate Foundation, the One Earth Climate Model (OECM) not only shows that a 1.5°C target is still possible, but also provides detailed sectoral trajectories that financial institutions can use to take timely mitigation action.
The OECM is a global integrated model that provides information on the decarbonization needs of 12 major industry sectors to stay within a 1.5°C carbon budget. It defines scope 1, 2, and 3 emissions under such a carbon budget and proposes key sectoral milestones to be achieved. The model also provides financial institutions with comprehensive information to assess their alignment with a net zero trajectory and establish a science-based decarbonization strategy. It further defines a trajectory with no or little emissions overshoot and does not rely on unproven technologies.
In this webinar, lead author Associate Professor Sven Teske of the University of Technology Sydney walked us through the model’s features, its sector classifications, methodology, key assumptions and alignment with the IPCC report. He explained how the OECM net zero pathway differs from the International Energy Agency net zero scenario. He also discussed the main results of the research and provided recommendations to financial institutions on how the model can be used.
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