I had the pleasure of returning to Climate Changers to discuss the latest trends and policy changes in sustainability. As COP28 continues to make an impact on climate adaptation and mitigation in the long term, it’s important to stay informed and engaged. Regardless of the politics and the divisive debate, I am excited to see that the US is becoming not only the largest oil and gas producer, but also the largest global promoter of clean energy and clean tech.
According to the International Energy Agency (IEA) 2023 Energy outlook, clean energy investment and clean tech surpassed expenditure on oil and gas. Of the US$ 3 trillion invested in energy in 2023, UU$ 1.8 trillion went to sustainability investments. The IEA Director, who participated at COP28 said, “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”.
According to the same report, also known as the World Energy Outlook (WEO), the energy system in 2030 will be characterized by clean technologies playing a much bigger role in the energy market than today. For instance, we will have “almost 10 times as many electric cars on the road worldwide; solar PV generating more electricity than the entire US power system does currently; renewables’ share of the global electricity mix nearing 50%, up from around 30% today; heat pumps and other electric heating systems outselling fossil fuel boilers globally; and three times as much investment going into new offshore wind projects than into new coal- and gas-fired power plants”.
Check out our reflections on COP28 in this episode: https://climate-changers.simplecast.com/episodes/reflections-on-cop-28-A_5800P8