· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: The world is increasingly investing in the energy transition, aiming for a low to zero carbon emissions future
• Spending on renewable energy, electric vehicles, and other clean technologies rose 17% in 2023 to $1.8 trillion, with a total investment reaching $2.8 trillion when including clean energy supply chains and financing. China led with a $700 billion investment
🔭 The context: Despite significant investments, the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) estimate that over $6 trillion per year is needed until 2030 to achieve a successful energy transition and limit global warming
• The focus is expanding beyond renewable energy infrastructure to include the wider industrial, mining, and manufacturing sectors
🌍 Why it matters for the planet: The energy transition represents a crucial endeavor in combating climate change, aiming to limit global warming to 1.5°C above pre-industrial levels
• This shift towards clean energy and technology is essential for reducing carbon emissions and ensuring a sustainable future
⏭️ What's next: As investments continue to grow, the focus is shifting to include not only renewable energy sources but also the electrification of industries and strengthening of electricity grids
• This holistic approach is vital for decarbonizing hard-to-abate sectors and ensuring a comprehensive transition to clean energy
💬 One quote: "Investment is no longer predicated on how high [or low] energy prices are
• So concentrating only on energy supply sources - be they traditional or renewable - is being somewhat short-sighted," said Barbara Frei, Executive Vice President, Industrial Automation at Schneider Electric
📈 One stat: Total spending on renewable energy and clean technologies rose to $1.8 trillion in 2023, marking a 17% increase from the previous year.
Click for more news covering the latest on energy
