The energy minister of the UAE concurred with JPMorgan's calls for there to be a "reality check" on the world's energy transition goals and pathway.
In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. The world is not the same… Some can afford it. They worked on fiscal changes, they adjusted their energy costs. Others have not."The world is not the same … Some can afford it. They worked on fiscal changes, they adjusted their energy costs. Others have not, cannot afford to do it," he added.to limit global average temperature to well below 2°C above pre-industrial levels, and pursue efforts to limit the temperature rise to 1.5°C.