By Olivia Ashmoore
Vitality Innovation Coverage and Expertise LLC® has printed updates to the Mexico and India Vitality Coverage Simulator (EPS) fashions and launched a brand new South Korea EPS mannequin. The South Korea EPS was launched on the three.3.1 platform in partnership with the NEXT Group. The Mexico mannequin was upgraded to the newer 3.3.1 EPS platform to allow forecasting modifications in jobs, gross home product (GDP), and public well being impacts. Information for the India EPS mannequin was up to date to account for slower long-term GDP development related to the impacts from the COVID-19 pandemic.
South Korea EPS Mannequin Launch
The South Korea-based NEXT Group and Vitality Innovation® collectively developed South Korea’s first national-level EPS. South Korea is the world’s Twelfth-largest annual greenhouse gasoline (GHG) emitter, contributing roughly 715 million metric tons carbon dioxide equal (CO2e) in 2020.
The South Korea EPS mannequin includes a Enterprise-As-Normal (BAU) State of affairs that reveals a 14 p.c improve in economy-wide emissions by 2050 absent any further coverage motion. Alternatively, an Instance Decarbonization State of affairs reveals further local weather insurance policies can meet the South Korea’s bold Nationally Decided Contribution (NDC) objectives of lowering emissions 40 p.c beneath 2018 ranges by 2030 and reaching net-zero emissions by 2050. The three simplest insurance policies within the Instance Decarbonization State of affairs are industrial electrification and hydrogen gasoline switching, changing hydrogen manufacturing to electrolysis, and no new coal or gas-fired powerplants.
Mexico EPS Mannequin Replace
The Mexico EPS has been upgraded to the EPS 3.3.1 mannequin platform, which incorporates new detailed financial outputs and information updates. The up to date mannequin can now monitor money flows, capital investments, modifications in GDP, and employment modifications by financial sector. As well as, the three.3.1 model consists of new public well being impacts and up to date vitality consumption information.
The Mexico EPS comes preloaded with a BAU State of affairs and an Instance Lengthy Time period Technique (LTS) State of affairs. The Instance LTS State of affairs would cut back emissions 50 p.c beneath 2000 ranges, create roughly 760,000 jobs in 2050, and would improve GDP about 1 p.c in 2050. Probably the most impactful insurance policies are an electrical automobile gross sales commonplace, industrial electrification and hydrogen gasoline switching, and a clear electrical energy commonplace. The Instance LTS State of affairs would additionally stop 7,300 untimely deaths and 218,000 bronchial asthma assaults in 2050.
India EPS Information Replace
The India EPS mannequin was up to date to account for slower near-term vitality and financial development ensuing from the COVID-19 pandemic, and likewise consists of an up to date GDP forecast from the India Vitality Safety Eventualities. The India EPS features a BAU State of affairs and two coverage situations—the Lengthy-term Decarbonization State of affairs and the Nationally Decided Contribution-Sustainable Improvement Objectives Linkages State of affairs—that present emissions reductions in comparison with the BAU forecast.
All these options and updates are actually obtainable on-line. The EPS Video Sequence gives an introduction to the mannequin’s capabilities, and customers can discover the software utilizing the EPS internet interface.