· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Global energy-related emissions are set to peak in 2024, marking a historic shift as emissions begin to decline
• However, this drop is insufficient to meet Paris Agreement goals, with the planet still on track for 2.2°C warming by century's end, far from the necessary net-zero targets
🔭 The context: The rapid growth of solar energy and declining battery costs have driven the emissions peak, especially with China leading in solar installations and electric vehicle (EV) uptake
• Yet, reliance on China for clean technologies and slower progress in hydrogen development are hindering a faster transition
🌍 Why it matters for the planet: Even as emissions begin to fall, the pace of decarbonization is not fast enough to prevent catastrophic climate change impacts
• The slow transition risks biodiversity loss and makes meeting climate targets more difficult
⏭️ What's next: A stronger global policy push, including incentives, mandates, and carbon pricing, is needed to scale technologies like hydrogen and address gaps in sectors like aviation and shipping
• Governments must prioritize clean energy over military spending to accelerate the transition
💬 One quote: "We need a refocused and globally coordinated policy push to decarbonize our energy mix even faster." — Sverre Alvik, Director of Energy Transition at DNV
📈 One stat: Solar installations surged 80% in 2023, with China accounting for 58% of global capacity and 63% of new EV purchases
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