World shift to clean energy is unstoppable, IEA report says

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🗞️ Driving the news: The International Energy Agency (IEA) declares the world is irrevocably shifting towards renewable energy
• At the same time, however, it has stated that the rate of phasing out fossil fuels isn't fast enough to prevent global temperatures from surpassing the 1.5°C critical threshold

🔭 The context: The Paris-based IEA's latest report reveals that by 2030, renewables are projected to provide half the world's electricity
• Positive strides have been noted, especially with one in every five cars sold now being electric, up from one in 25 in 2020

🌍 Why it matters for the planet: While the global transition to clean energy is certain, its speed is crucial. Current fossil fuel investments are twice what they should be, which threatens our efforts to curb climate change. The projected 2.4°C rise in global average temperature by 2100 is significantly above the 2015 Paris Agreement's target

⏭️ What's next: The upcoming UN climate summit, COP28, in Dubai, may witness further commitments to battling climate change, potentially including agreements to phase out "unabated" fossil fuels

💬 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' - and the sooner the better for all of us," (Fatih Birol, IEA Executive Director)

📈 One stat: Middle Eastern countries, including Iran and Saudi Arabia, hold 67% of global oil reserves, which underscores the region's influence on the world's energy markets

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