The road to net-zero is paved with misconceptions, creating obstacles to rapid decarbonisation and meaningful climate action. While the idea behind decarbonisation is simple – reducing carbon emissions – many people still believe that it is impractical or even impossible, relying on a series of well-trodden myths to make their point.

Addressing these misconceptions using case studies and data is vital for distinguishing fact from fiction. In this article, we tackle some of the most pervasive myths about decarbonisation that not only undermine its urgency but also distract us from pragmatic solutions to accelerate the transition toward a sustainable and low-carbon future.

Myth 1: Decarbonisation is too expensive

Although large-scale decarbonisation projects often involve significant upfront costs, the long-term benefits far outweigh the short-term expenditure. Countless studies have confirmed that every dollar invested in decarbonisation yields significant economic returns, while delivering broader benefits for society and the environment.

The World Economic Forum estimates that the total incremental enterprise value of the climate solutions supply chain will reach between $5 trillion and $11 trillion by 2030. Rapidly expanding opportunities include hydrogen, biofuels, lithium, and electricity storage – which are projected to achieve a compound annual growth rate of over 20% by 2030.

Beyond unlocking new growth opportunities, decarbonisation can help avoid the soaring cost of climate-related extreme events, which amounted to almost $1.5 trillion in the decade up to 2019. These costs are unevenly distributed, with developing countries and regions that are most vulnerable to climate change often being disproportionately affected.

Fortunately, new financing solutions and policies are already making decarbonisation more accessible and affordable, especially in developing countries. Malaysia’s Green Investment Tax Allowance and Green Technology Financing Scheme for instance provide incentives in the form of tax cuts for businesses that implement renewable energy in their operations.

Myth 2: The technology isn’t ready

Contrary to popular belief, clean energy technologies have advanced rapidly in recent years, proving that decarbonisation is both viable and cost-effective. Today, solar and wind power are among the cheapest forms of new electricity generation in most parts of the world – and they are only set to get even more affordable from here on out.

The International Energy Agency (IEA) reported that in 2023, an estimated 96% of newly installed, utility-scale solar PV and onshore wind capacity had lower generation costs than new coal and natural gas. On the other hand, fossil fuels continue to get more expensive, driven by disruptions from geopolitical events like the conflict in Ukraine and the Middle East.

Critics have long argued that solar, wind, and other green alternatives are too intermittent to be reliable sources of energy. Thankfully, this myth has also become outdated in recent years. Lithium-ion battery cell densities have almost tripled, and costs declined by almost 90%, making it easier to smooth out the peaks and troughs of generation to meet demand.

Furthermore, emerging innovations in green hydrogen, carbon capture, and sustainable aviation fuels are expanding the toolkit for achieving net-zero. Malaysia’s National Energy Transition Roadmap (NETR) exemplifies the country’s embrace of next-generation technologies – proving that decarbonisation is not a distant dream but an achievable reality.

Myth 3: Economic growth will suffer

One concern that is especially prevalent among low and middle-income countries is that ambitious climate policies will impede economic growth. This ‘myth’ is often fueled by the assumption and fear that additional investment costs will lead to a nation’s loss of competitiveness in the global arena.

However, this notion is unfounded; in reality, a low-carbon economy can promote expansion by creating new industries, fostering innovation, and generating jobs in green sectors. Globally, millions of people are already employed in renewable energy industries, and this number continues to grow – and Malaysia is no exception.

Malaysia’s Responsible Transition (RT) pathway under the NETR will catalyse growth in nascent areas such as green mobility ecosystems, RE, energy storage, and alternative new energy ecosystems. Taking a pioneering role in these areas will enhance Malaysia’s competitive edge, generating investment opportunities up to RM1.3 trillion by 2050.

These investment opportunities are expected to contribute an additional GDP of RM220 billion and create approximately 310,000 job opportunities in sustainable industries. Economic benefits will be felt across the social spectrum, with medium- and low-income households expected to be the biggest beneficiaries of income gains.

Myth 4: Only large nations can make a difference

Another persisting assumption is that only economic powerhouses such as the United States, European Union, China or India can significantly impact climate action. However, smaller nations such as Costa Rica have proven this wrong; the Central American country has already achieved over 98% renewable energy.

In comparison, in 2022, the US only utilised 12.6% renewable energy, proving that the world can indeed look to smaller nations like Costa Rica as an example. Costa Rica derives green energy from rivers, seasonal rains, and wind turbines, among other investments used for a combined approach.

The country’s ambitious National Decarbonisation Plan targets reforming transportation, energy, waste, and land use. Some of the additional benefits Costa Rica is experiencing from decarbonisation include higher agricultural productivity, a more robust eco-tourism industry, and an estimated $41 billion in net benefits between 2020 and 2050.

Similarly, Malaysia has experienced success through local projects including the Solar for Rakyat Incentive Scheme (SolaRIS), which provides a rebate of up to RM4,000 for residential customers who install solar PV systems. Another notable initiative – KampungKu by Signify Malaysia – aims to deliver sustainable lighting solutions to remote Orang Asli villages.

These efforts prove that every contribution – whether from a country, city, or individual – matters in the collective effort to combat climate change. Emerging and developing nations worldwide can implement initiatives and strategies to drive decarbonisation without relying on global superpowers to pave the way.

Beyond tech: the human element of decarbonisation

While technology is a key component, it should also be combined with strategic policies and campaigns aimed at raising public education and awareness about climate change

Addressing these myths and misconceptions is critical to fostering informed decision-making and accelerating the energy transition. While technology is a key component, it should also be combined with strategic policies and campaigns aimed at raising public education and awareness about climate change.

In Malaysia, programmes like the Malaysia Energy Literacy Program (MELP) have been instrumental towards inspiring positive change at the grassroots level. By empowering individuals to make informed decisions, the initiative complements technological advancements and helps to create a culture of sustainability.

As demonstrated by nations like Costa Rica, a combined approach that is humanistic yet informed by research can successfully decarbonise a country within a couple of decades, leading to a prosperous future for all.