· 2 min read
Illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: The International Energy Agency (IEA) criticizes fossil fuel companies for investing twice as much in oil and gas as necessary to limit global temperature rise
• This comes ahead of the COP28 climate talks in Dubai, highlighting the sector's minimal involvement in the clean energy transition
🔭 The context: IEA’s report indicates that these companies currently contribute only 1% to global clean energy investment
• IEA Executive Director Fatih Birol emphasizes the need for the industry to balance its investments between fossil fuels and clean energy, facing a "moment of truth" about its role in the climate crisis
🌍 Why it matters for the planet: According to the IEA, adhering to current national energy and climate pledges could see a 45% drop in fossil fuel demand by 2050
• If efforts intensify to keep global heating within 1.5°C, fossil fuel usage could decline by over 75% by 2050
⏭️ What's next: The IEA urges a significant shift in investment strategies, proposing that at least 50% of capital should be dedicated to clean energy technologies
• This change is crucial as public criticism of the fossil fuel industry’s role in climate change grows
💬 One quote: "Continuing with business as usual is neither socially nor environmentally responsible," Fatih Birol stresses the importance of industry transformation
📈 One stat: Oil and gas companies currently spend about 2.5% of their capital on clean energy technologies, in contrast to 97.5% on traditional area
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