JPMorgan warns of need for ‘reality check’ on phasing out of fossil fuels

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🗞️ Driving the news: JPMorgan has issued a stark warning in its global energy strategy report, suggesting that the transition from fossil fuels to renewable energy may take "generations" to achieve net-zero targets due to economic and geopolitical challenges

🔭 The context: The report highlights several impediments such as higher interest rates, government debt, and geopolitical tensions which have altered the landscape for renewable energy investments, making the ambitious climate goals more difficult to attain

🌍 Why it matters for the planet: This slow transition risks continued reliance on fossil fuels, potentially increasing carbon emissions and delaying crucial climate action amidst a growing global demand for energy

⏭️ What's next: The report forecasts that global energy demands will continue to rise, putting further pressure on governments and the energy sector to balance growth with sustainable practices. This could shape future energy policies and investments.

💬 One quote: "While the target to net zero is still some time away, we have to face up to the reality that the variables have changed," said Christyan Malek, JPMorgan’s head of global energy strategy

📈 One stat: JPMorgan forecasts the world will need 108 million barrels of oil a day by 2030.

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