The energy crisis sparked by the war in Ukraine was a boon for fossil fuels, but 2022 also saw the low-carbon transition get policy support like never before. Picture: BLOOMBERG
In the face of these extremes, the human response was uneven at best. Consumption of coal, the dirtiest fossil fuel, rebounded in 2022. Countries such as the UK and China seemed to back away from major climate pledges. But all of this gloom came with more than a silver lining. In fact, it’s all too easy to overlook the steps towards a lower-carbon world that came about in between more attention-getting catastrophes.
A separate milestone from 2022 was the biggest overhaul of the EU carbon market that will extend it to road transport, shipping and heating. The expansion of the policy will also accelerate the pace at which companies — from energy producers to steelmakers — are required to reduce pollution. The accord provided certainty to companies and investors, sending European carbon prices to a record high for the year.
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