The cost-of-living crisis and climate-related risks are the biggest future threats facing the world

The World Economic Forum asked 1,200 experts under its annual Global Risks Perception Survey to rank the most severe short- and long-term risks, and they identified the cost-of-living crisis as the most severe immediate risk but saw the failure to mitigate the climate crisis as the biggest risk 10 years from now.

The agreement on the EU Emissions Trading System and the Social Climate Fund

 The European Council and the European Parliament reached a provisional political agreement on legislative proposals of the ‘Fit for 55’ package that will allow the EU to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050 while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition.

The Council and Parliament agreed to increase the overall ambition of emissions reductions by 2030 in the sectors covered by the EU ETS to 62%.

IEA plans to make all its data freely available

 International Energy Agency (IEA) IS GOING TO FREE ITS ALL GLOBAL ENERGY DATA, Quantum Commodity Intelligence informed today. This will significantly improve data transparency in the energy sector as the world prepares to reduce dependency on fossil fuels and move towards a low-carbon future. 

The proposal still needs to be supported by member countries at the next ministerial meeting to be held 2-3 February. 

The largest in the world carbon capture plant is build in Iceland

 The largest in the world “direct air capture” (DAC) plant will allow to capture and remove annually from the atmosphere the amount of carbon dioxide equivalent to emissions produced by 870 cars. CO2 is filtered out, mixed with water, and pumped into deep underground wells, where over the course of a few years it turns to stone. The plant was opened in September 2021 in Iceland, and it is operated by the Swiss engineering startup Climeworks.

EU funds the energy efficiency improvements in buildings

 Around EUR 25 billion have been allocated in energy efficiency investments in buildings from EU funds over the period 2014-2020, while more than half of these fundings (EUR 12.7 billion) have been invested in the public sector, according to the recent JRC report " Financing energy renovations at local and regional levels. European status and good practices".

Public procurement and grants & subsidies represent more than 80% of all financial instruments adopted and reported by local authorities for the achievement of the 2030 target within the Covenant of Mayors (CoM) initiative.

Source: https://lnkd.in/ghf8kAK9

Global pandemic caused the decrease of U.S. primary energy consumption by 7% in 2020

U.S. primary energy consumption in 2020 was 92.9 Quads, significantly dropping from 100.2 Quads in 2019.

The contribution of renewable energy sources exceeded 12%, while fossil fuels  (natural gas, oil, and coal) made up 79%, and nuclear - 9%.

IPCC: major climate changes are inevitable and irreversible

 The AR6 Climate Change 2021: The Physical Science Basis, is a result of eight years of hard work of hundreds of experts and peer-review studies. It represents the world’s full knowledge to date of the physical basis of climate change and found that human activity was “unequivocally” the cause of rapid changes to the climate, including sea level rises, melting polar ice and glaciers, heatwaves, floods, and droughts.

Human influence has warmed the climate at a rate unprecedented in at least the past 2000 years

Current NDCs submission status under the Paris Agreement

Under the Paris Agreement, Parties must  submit  Nationally  Determined  Contributions  (NDCs)  to  the UNFCCC and  to introduce policies  aiming the achievement of their stated objectives. The first round of  NDCs,  submitted  by  191 countries,  covers  more  than  90%  of  global  energy‐related  and  industrial  process  CO2  emissions.

As  of  23  April  2021,  80 countries  have  submitted  new  or  updated  NDCs  to  the  UNFCCC,  covering  just  over  40%  of  global  CO2  emissions. 

Still, just a few percent of the global net zero emission targets currently are supported by law (see figure below).

Source: IEA, 2021

IEA proposes technological and policy pathways allowing transition to a net zero energy system by 2050

The energy sector is the source of about 75% of GHG emissions today and holds the key to preventing the worst effects of climate change.

In its recent report NET ZERO BY 2050: A ROADMAP FOR THE GLOBAL ENERGY SECTOR, IEA proposes technological and policy pathways allowing transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth.

The path to net-zero emissions is challenging: staying on it requires immediate and intensive deployment of all available clean and efficient energy technologies.

IRENA presented the outline of World Energy Transitions Outlook till 2050

 Recently published preview of IRENA’s World Energy Transitions Outlook presents an outline of the global strategies towards carbon-neutrality and leads way to a climate-safe 1.5°C pathway by 2050.

It is projected that over 70% of all decarbonization solutions will involve renewable energy through the direct supply of low-cost power, efficiency, renewable-powered electrification in end-use. Carbon capture and removal technologies in combination with bioenergy will deliver the ‘remaining reductions towards a net-zero energy system.