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

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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