As carbon emissions surge to record highs, and the battle against climate change faces challenges, a recent study from the German think tank New Climate Institute sheds light on reasons to remain hopeful. Despite the grim outlook, the study identifies key global trends that signal progress in the fight against climate change, providing a glimmer of optimism in the face of the climate crisis.
Five Reasons to Be Hopeful:
Climate Awareness is Mainstream: Understanding the causes and impacts of climate change has significantly progressed since the adoption of the Paris Agreement. Climate change has now become a mainstream issue, with increased media coverage and a growing wave of climate protests, notably led by movements like Fridays for Future and Extinction Rebellion. The rise of climate litigation against states and companies further demonstrates the public’s commitment to environmental protection.
Net-Zero Economy Goals: Unlike the pre-Paris Agreement era, where climate policies focused on specific sectors, the world is now embracing the goal of achieving net-zero emissions across entire economies. By the end of 2021, 90% of the global economy had committed to some form of net-zero target, signifying a shift toward comprehensive decarbonization. Although global emissions reduction is a work in progress, the ambition signals a positive trajectory.
Business and Investor Response: Sustainable investments, once a niche, are now standard in the finance world. The threat of climate litigation is pressuring businesses to respond to societal demands for change, recognizing the risks posed by climate change. Many companies are voluntarily disclosing their emissions, reflecting an increasing awareness of climate risks. However, corporate lobbying remains a challenge hindering swift climate action.
Transformation of Energy Systems: The cost of renewable energy has plummeted faster than predicted, making renewables cheaper than new fossil fuels in 90% of the world. The widespread adoption of solar and wind energy is now considered a new normal, and the shift away from fossil fuels is becoming inevitable. Investments in renewables now surpass those in fossil fuels by five times, marking a paradigm shift towards sustainable energy.
Electrification of Transport and Heating: Electrification is gaining prominence in transport and heating, with electrically powered heat pumps emerging as a key technology for decarbonizing building heating systems. The global rise in electric car sales exceeds expectations, with an estimated 18% of all new cars sold being electric by 2023. Major car manufacturers are committing to electric vehicles, and several countries are setting deadlines to phase out combustion engines.
While challenges persist on the path to achieving the Paris Agreement targets, the study emphasizes that the world can draw strength from increasing awareness, knowledge, and technological advancements in addressing the climate crisis.
