(Bloomberg Opinion) — This year’s New York City Climate Week started with an unusual bang.
The COP28 United Nations Climate Change Summit held in Dubai last year saw unprecedented efforts. Governments have agreed to triple renewable energy capacity and double energy efficiency around the world. Half of the oil and gas industry has pledged to cut methane emissions by three-quarters. The World Bank and the African Development Bank have announced a 40% reduction in the number of households without electricity. But are the promises translated into action?
That’s true in some places, and surprisingly so. China’s largest solar power company currently contributes more energy to the global economy than the oil industry giant. The United States increased renewable energy growth by 94% in a single year. That’s in part because of federal incentives promoted by President Joe Biden, which resulted in three times as many Americans investing their own money in renewable energy than economists expected. The European Union has achieved a new benchmark by generating 70% of its electricity with zero-carbon technology. Globally, electric vehicles currently account for 17% of total sales, and that number continues to grow.
Additionally, batteries and other technologies continue to advance rapidly, including new satellites that can identify methane leaking from wells. And costs continue to fall. Battery prices have fallen 90% in just 15 years.
It’s safe to say that engineers are doing their jobs, but many elected leaders can’t say the same. The world is moving away from carbon pollution and toward clean, healthy renewable energy at an unprecedented pace, but we are still far from the goals needed to slow the destruction of global warming and climate change. I’m late.
Climate change is having an increasingly devastating impact on our economy and health, and the price we pay for moving slowly continues to rise. For example, last year was the hottest year in world history. Temperatures in Phoenix reached 100°F for 113 consecutive days, a record.
The historic heat has brought wildfires and more powerful storms, as well as historic droughts. Floods have devastated communities and even entire countries and regions around the world, as people in Pakistan, Eastern Europe, and West and Central Africa can attest. In the United States, economic losses from flooding are estimated at $390 billion annually, or 1% of gross domestic product.
The coal and gas industries will not go quietly into the night. In fact, some oil companies vowing to stop wasteful pollution are suing the U.S. government for the right to avoid cleaning up leaking oil wells.
But, of course, the problem is not just with fossil fuel companies. The scale of renewable energy growth has exploded, but much of it remains concentrated in the Global North. Only 15% of renewable energy investments in 2023 went to Asia outside of China, where energy demand is highest. Approximately 530 million people in Africa and Asia are without electricity, and millions risk their health to work in coal mines, despite Africa having the world’s largest solar power potential. are.
Working faster is essential to breaking down barriers to the uptake of renewable energy, especially in the Global South. This Climate Week therefore calls for fewer commitments and more action plans to deliver on the commitments made at last year’s COP.
The wind is behind us, but huge obstacles and unprecedented dangers remain in front of us. To overcome them, we need to further build momentum in building a sustainable global economy.
Michael R. Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News, the United Nations Special Envoy for Climate Ambitions and Solutions, and Chairman of the Defense Innovation Board.
See more articles like this at bloomberg.com/opinion
Get all the business news, market news, breaking news, and latest news on Live Mint. Download the Mint News app for daily market updates.
Business News Opinion Views Beating climate change requires unwavering dedication Show more Less
Source link
