· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Associated Press or enjoy below:
🗞️ Driving the news: Energy expert Jarand Rystad predicts that global fossil fuel consumption—particularly coal—will peak by the end of the decade
• This shift is being driven by advances in renewable energy technologies like solar, wind, and electric vehicles (EVs), which are outcompeting fossil fuels in cost and efficiency
• Rystad also forecasts weaker oil prices due to OPEC’s market management
🔭 The context: Rystad, founder of Rystad Energy, highlights the importance of technological competition to phase out fossil fuels
• He identifies key technologies, including solar PV, batteries, and carbon capture, as critical in mitigating global emissions
• He emphasizes that cost-effective technologies like solar and batteries are past the tipping point for widespread adoption
🌍 Why it matters for the planet: The anticipated peak in fossil fuel consumption signals progress in the global fight against climate change
• With cheaper and better alternatives such as solar and wind, the energy transition is accelerating, potentially limiting global warming to 1.5 degrees Celsius, a crucial target to avoid catastrophic climate impacts
⏭️ What's next: At the upcoming COP29 climate summit in Azerbaijan, international pressure is expected to play a key role in pushing nations to maintain policies that support the transition to renewables
• Rystad notes that active policies can reduce global warming by at least 0.4°C, urging governments to continue their support for green technologies
💬 One quote: “The iPhone disrupted the media, and solar and batteries will be such a disruptive technology because they’re cheaper and better,” Rystad says, underscoring the speed at which renewable technologies can transform the energy landscape
📈 One stat: Solar PV alone has the potential to mitigate 11 gigatons of CO2 emissions, according to Rystad's data
Click for more news covering the latest on climate change
