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🗞️ Driving the news: McKinsey & Company, a leading management consultancy, is reportedly using its influential position as an advisor to the UN's COP28 climate talks to promote the interests of its major oil and gas clients
• This action is seen as undermining efforts to reduce reliance on fossil fuels, which are key drivers of global warming
🔭 The context: McKinsey has been accused of proposing energy scenarios that contradict the climate goals it publicly supports
• These scenarios suggest only a 50% reduction in oil use by 2050 and call for substantial new investments in oil and gas
• This approach starkly contrasts with the International Energy Agency's net-zero roadmap and the goals of the 2015 Paris Agreement
🌍 Why it matters for the planet: The consultancy's actions raise concerns about the integrity of climate negotiations and the influence of fossil fuel interests in shaping global climate policies
• McKinsey's advice could potentially hinder the progress towards achieving a carbon-neutral world by 2050, as required to limit global warming to 1.5 degrees Celsius
⏭️ What's next: The controversy highlights the need for transparency and alignment of consultancy advice with global climate targets
• It also underscores the importance of scrutinizing the roles and motivations of influential advisors in critical climate negotiations
💬 One quote: "Walking away from these sectors would do nothing to solve the climate challenge," (a source from McKinsey)
📈 One stat: McKinsey's proposed energy scenario for COP28 allows for 40-50 million barrels per day of oil use in 2050, double the amount permitted in the IEA's net-zero roadmap
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