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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below
🗞️ Driving the news: The International Energy Agency (IEA) asserts that fossil fuel demand must decrease by a quarter by the end of this decade to limit global warming to 1.5C above pre-industrial levels
• The agency stresses the need for an accelerated transition to clean energy to attain net-zero emissions by 2050
🔭 The context: The latest IEA projections build on previous warnings and come amid increasing tensions with oil producers and discussions around the feasibility and pace of transitioning to cleaner energy sources
• The current fossil fuel industry debates and potential policy adjustments are unfolding as UN climate talks are scheduled in the UAE in 10 weeks
🌍 Why it matters for the planet: The necessity to curb fossil fuel demand and augment clean energy supplies is pivotal in averting catastrophic climate impacts
• The establishment of effective, stringent policies is essential to foster clean energy deployment, reduce global reliance on fossil fuels, and adhere to the Paris Agreement commitments
⏭️ What’s next: The IEA calls for bolder action and significant increases in clean energy investment, rising from $1.8tn this year to $4.5tn each year by the early 2030s
• A more pronounced uptake of sustainable alternatives like solar panels and electric vehicles is crucial, and the speed of these transitions could save up to $1.3tn a year post-2050 in carbon dioxide emission removal costs
💬 One quote: “Keeping alive the goal of limiting global warming to 1.5C requires the world to come together quickly. The good news is we know what to do — and how to do it,” (Fatih Birol, executive director of the IEA)
📈 One stat: The IEA’s projections require a fossil fuel demand reduction of more than 25% by 2030 and 80% by 2050, with oil demand potentially decreasing to 77mn barrels a day by 2030
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