We no longer need the Cop circus – technology and markets are already solving the climate crisis

illuminem summarizes for you the essential news of the day. Read the full piece on the Telegraph or enjoy below:

🗞️ Driving the news: The global race to dominate clean technology, particularly between the US and China, is key to maintaining a 1.5-degree planet
• This competition is more impactful than discussions at the upcoming COP28 summit in Dubai, which is increasingly seen as a platform for lobbyists and a process lagging behind technological advancements

🔭 The context: The COP summit often showcases a dated divide between the West and "developing countries," some of which are major polluters or still reliant on coal
•  Meanwhile, advancements in clean energy, particularly in solar, wind, and battery technology, are outpacing COP's progress
•  A report highlights a global shift towards solar energy, emphasizing the need for upgraded grids and funding, particularly in Africa

🌍 Why it matters for the planet: China's massive investment in solar and battery technology aims to secure energy independence and manufacturing dominance  
•  The US responds with significant investments in clean tech, recognizing its economic importance
•  Europe is also compelled to act to maintain industrial competitiveness. These developments underline a global shift towards sustainable energy

⏭️ What's next: The clean energy transition is inevitable, with the pace dependent on overcoming vested interest
•  Breakthroughs in electric vehicles, green hydrogen, alternative proteins, and potentially nuclear fusion are poised to significantly reduce emissions and disrupt traditional industries

💬 One quote: "The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’," - Fatih Birol, head of the International Energy Agency

📈 One stat: China is set to roll out 210 gigawatts of solar this year, nearing the total global installation of the previous year. It aims to expand solar capacity to 1000GW by 2025 and increase battery capacity sixfold