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illuminem summarizes for you the essential news of the day. Read the full piece on Canary Media or enjoy below:
🗞️ Driving the news: Global carbon emissions are set to peak in 2024 and begin a slow decline, thanks to the rise of electric vehicles (EVs) and renewable energy, according to a new report by DNV
• Despite progress, emissions will only halve by 2050, which is too slow to meet the 1.5°C warming target set by the Paris Agreement
• The report warns that under current trends, global temperatures could rise by 2.2°C by 2100
🔭 The context: Solar energy and EV adoption are driving the shift away from fossil fuels, with record solar installations and falling battery prices making clean energy more affordable
• China leads in renewable installations and EV uptake, significantly influencing global emissions trends
While some high-income countries are reducing emissions, others continue to see growth
🌍 Why it matters for the planet: While emissions peaking in 2024 is a milestone, the pace of decline is insufficient to prevent severe climate impacts
• Faster reductions are needed to avoid surpassing critical global warming thresholds
⏭️ What's next: Policy changes, including stricter mandates and carbon pricing, are crucial to accelerating emission reductions
• Without stronger efforts, the world risks exceeding the 1.5°C target
💬 One quote: "Instead of saying that we’re on the wrong track, we can say that we’re on the right track, although we’re still at the wrong pace" – Sverre Alvik, DNV
📈 One stat: EVs accounted for 13% of global new vehicle sales in 2023, with predictions to reach 50% by 2031
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