Clean energy

Good news: The global demand for the three major fossil fuels – oil, coal and natural gas – will decline. Demand for them will peak by the end of this decade, in 2030, according to the October 2023 World Energy Outlook of the International Energy Agency.

Since 2020, global investment in clean energy has risen by 40 percent. In 2020, one in 25 cars sold was electric; today, one in five cars sold is electric, except in the Philippines where there are only 15,000 EV vehicles out of almost five million cars. The present average surface temperature of 1.2°C above pre-industrial levels has prompted heat waves and other extreme weather events. More than 90 percent of the world breathes polluted air, which is blamed for six million premature deaths a year.

“Governments, companies and investors need to get behind clean energy transitions rather than hindering them. There are immense benefits on offer, including new industrial opportunities and jobs, greater energy security, cleaner air, universal energy access and a safer climate for everyone.

“In particular, the speed at which emissions decline will hinge in large part on our ability to finance sustainable solutions to meet rising energy demand from the world’s fast growing economies. This all points to the vital importance of redoubling collaboration and cooperation, not retreating from them.

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