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Net zero is still possible, but clean energy spending must go faster

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below

🗞️ Driving the News: The International Energy Agency (IEA) delineates in a new report that global net-zero emissions by 2050 are achievable, however, it requires a great investment in clean-energy technologies and a reduction in fossil-fuels
• Clean-energy investments are predicted to increase to a record $1.8 trillion in 2023 and require escalation to at least $4.5 trillion per annum by the next decade to restrict global temperature rise to 1.5 degrees Celsius by 2050

🔭 The Context: The current adoption rate of clean technologies, especially in developed nations and China, is robust, contributing to 85% of their role in tripling global renewable energy capacity, but the deployment needs to align with the decrease in fossil fuel usage to prevent energy scarcities

🌍 Why it Matters for the Planet: With carbon emissions marking a new zenith at 37 billion metric tons, achieving net-zero emissions is pivotal for the climate
• Adapting to cleaner technologies is a decisive step toward a sustainable future while addressing methane emissions stands out as a cost-effective decarbonization strategy

⏭️ What's Next: The fast-tracking of electrification and clean energy adoption across all nations is crucial, with cars’ electrification and the introduction of technologies like heat pumps being anticipated to lead to a fifth of emissions reductions by 2030
• Heightened efforts are essential to assist developing nations and to ensure the security of the supply of critical minerals, which are pivotal for actualizing the net-zero-by-2050 scenario

💬 One Quote: “We have the tools needed to go much faster. The key actions required to bend the emissions curve sharply downwards by 2030 are well understood, most often cost-effective and are taking place at an accelerating rate” (IEA Report)

📈 One Stat: According to the IEA, approximately 75% of methane emissions can be eliminated from natural gas and oil operations at a cost of $75 billion, equating to merely 2% of the net income amassed by the oil and gas industry in 2022

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