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Dear friends and colleagues,
As we start this new year, there is some real cause for cheer.
For the first time, the International Energy Agency (IEA) is now predicting that fossil fuel demand will peak near-term as non-emitting sources begin producing the majority of global power by 2030.
Additionally, in their new annual World Energy Outlook, the IEA is no longer labelling “natural” fossil gas as a reliable transition fuel given its sustained pricing turbulence and proven climate impacts.
What’s more, in response to Russia’s February invasion of Ukraine and the energy price crisis that ensued, nations are installing record levels of solar and wind capacity to ensure both supply security and affordability.
Looking ahead, solar photovoltaic capacity is set to nearly triple by 2027, becoming the world’s largest source of power, while wind capacity will almost double.
Helping ensure this, following COP27 in Egypt, several wealthy nations are banding together to assist emissions intense but still-developing nations like South Africa and Indonesia accelerate their shifts from coal by 2030.
And now, as author Paul Hockenos points out, a growing number of solar mandates throughout Europe and the United States are beginning to take effect, obliging homeowners, businesses and public buildings to install more rooftop panels.
We hope you find these articles inspiring and look forward to sharing more in the new year.
Your Global Energy Transition Blog Team,
Martin Keim, Lisa Sandtner, Michael Buchsbaum, Joan Lanfranco and Leona Schmitt.
For more resources, visit the Energy Transition Team Blog.
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