ABSTRACT
Ultimately, a strict policy of decarbonization is needed at a global scale to keep worldwide temperatures to a non-catastrophic level. Today's decarbonization policies will not result in an immediate transition to a zero carbon emission global economy, but efforts to create such an economy are under way, which indicates that a turnaround is a possibility. Decarbonization entails a fundamental change in the underlying socio-technical regime that guides current production and consumption patterns, and such a change is as much an opportunity as it is a threat. Decarbonization will not happen overnight; rather it will be a time-consuming process that needs to be organized, by political as well as market-driven means. Technological innovations can be important drivers in any unlocking and path changing strategy, in addition to their role in expanding markets and stimulating employment opportunities. Moving toward a low carbon emission economy is not solely a question of technological innovations and new markets that crowd out existing products.
