World's Energy Progress Hides Growing Climate Concerns
The world's energy landscape is a mix of progress and concern. In 2017, wind and hydropower led the way in renewable capacity additions, while solar PV accounted for nearly 55%. However, the global response to climate change remains a challenge, with over $500 billion invested in new coal plants since the Paris Agreement.
The International Energy Agency warns that without significant action, the world could face a financial crash several times worse than the 2008 crisis due to climate change. Global CO2 emissions are projected to reach a record high of over 37 billion tons in 2018, a 2.7% increase from the previous year. Emissions from non-fossil sources, such as deforestation, are expected to add another 4.5 billion tons to this total.
Despite the Paris Agreement, over 92,345MW of coal power plants are already operational since 2015, with over 670,000 MW currently in planning or under construction in 59 countries. Major institutions like the Resinvest Group and Duke Energy continue to invest in coal, while others like the European Investment Bank focus more on green finance. Renewable power generating capacity saw its largest annual increase ever in 2017, raising total capacity by almost 9% over 2016. However, energy demand is outpacing growth in both renewables and energy efficiency.
Institutions managing $32 trillion are demanding immediate steep cuts in carbon emissions and a phase-out of coal. The world must accelerate the transition to renewable energy to prevent catastrophic climate change and potential financial crashes. Despite progress in renewable capacity, the continued investment in coal plants and outpacing energy demand pose significant challenges to achieving this goal.
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