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Peak oil is near, Energy Agency says, but climate change is far from solved

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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 New York Times or enjoy below

🗞️ Driving the news: The International Energy Agency highlights the significant progression of cleaner energy technologies, suggesting that global oil, coal, and natural gas usage could peak this decade
• However, achieving global warming limits still necessitates more robust measures

🔭 The context: The world has seen a substantial 40% increase in global investments in low-emission energy and notable advancements in solar power and electric vehicles
• Despite these developments, the current pace and scale of interventions are insufficient to combat impending climate crises effectively

🌍 Why it matters for the planet: Achieving a net-zero emission status is crucial for mitigating catastrophic climate disruptions
• It requires harmonious international cooperation, particularly amidst existing geopolitical conflicts and disparities, to meet the emission reduction targets effectively

⏭️ What’s next: Immediate and innovative actions, including extensive adoption of clean hydrogen and carbon capture and a sharp transition to electric vehicles, are pivotal
• Governments must cease new coal plant approvals and encourage a substantial increase in renewable energy installations by 2030 to ensure a smooth transition and avoid potential energy chaos

💬 One quote: “The key to cutting emissions is to focus on reducing fossil fuel use,” (Fatih Birol, executive director of the International Energy Agency)

📈 One stat: Global fossil fuel demand could decline by 20% by 2030 if countries implement all the recommended measures, reducing the need for approval of any major new oil or gas fields

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