Europe's clean energy lag behind the US and China is attributed to underinvestment and policy shortcomings, risking energy security and over-reliance on Russian gas. International Energy Agency head, Fatih Birol, urges a major transformation through substantial investments in renewables, nuclear, and efficiency, emphasizing the necessity for decisive action to address the energy crisis.
Around 10% of global residential property value, including inland homes, is at risk from climate change impacts. By 2050, climate impacts and emissions reduction measures could reduce housing values by $25 trillion. The financial system, property markets, and individuals face enormous costs, and effective policies are needed to incentivize resilience investments.
In the third quarter of 2023, the EU economy saw a significant 7.1% reduction in greenhouse gas emissions, despite only a slight decrease in GDP. Emission cuts were particularly notable in electricity and gas supply, household emissions, and manufacturing. 23 out of 27 member states achieved emissions reductions. This progress aligns with the European Green Deal's objectives.
Many companies are reconsidering ambitious climate commitments post the 2021 UN climate summit. Pressures from investors, regulators, and activists are increasing, leading to a shift in strategy. Uncertainties around technology and policies for achieving net zero are prompting firms to opt for flexible emissions reduction ranges over rigid target dates, to mitigate risks and ensure credibility.
Research reveals decades of oil industry efforts to hinder government support for green technologies. Analysis of lobbying shows opposition to renewable energy subsidies, electric vehicles, and emission rules. Despite their argument of free market distortion, the industry itself benefits from substantial taxpayer support. Their actions may have slowed the energy transition, contributing to missed emissions reduction opportunities.
Several EU countries are seeking a 10-year postponement to comply with new air pollution standards, prompting a rift with the European Parliament. While acknowledging the necessity of stricter regulations for public health improvement, governments argue that the proposed deadlines are unrealistic and costly. This delay could have significant consequences for public health and exacerbate economic burdens.
G20 nations have allocated a record $1.4 trillion to fossil fuel subsidies, contradicting their COP26 promise. Three-quarters of the funding supports fossil fuels, despite commitments to clean energy. This perpetuates pollution and inequality, with massive health and economic costs. Calls for a carbon tax and international action to redirect funds for decarbonization are urgent.
Debates persist on individuals' moral obligations to reduce greenhouse gas emissions and address climate change. While emissions may not directly harm, their cumulative impact is scientifically linked to global warming. Ethical frameworks argue for preventing harm, but complexities arise in personal actions, emphasizing the role of government in enabling lower-carbon options and balanced responsibilities.
The Trash Economy 