The energy crises has emphasized the importance of securing energy supplies, which had, before 2022, been neglected.
Access to energy, which is a vital good, at an affordable price, must be possible for all the inhabitants of our planet (even if this is unfortunately not yet the case today).
In 2021, National climate pledges combined with other mitigation measures put the world on track for a global temperature rise of 2.7°C by the end of the century above the threshold of 1.5°C warming. To keep global warming below 1.5°C this century, we need to halve annual GHG emissions in the next eight years.
The “Fit for 55” package was presented by the European Commission in July 2021. It should enable the European Union to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050. It includes thirteen legally binding measures. In May 2022, the European Commission presented the “REPowerEU“ plan, to respond to the double urgency of ending the EU's dependence on Russian fossil fuels and tackling the climate crisis.
The EU taxonomy of sustainable economic activities is a tool to help investors understand whether an economic activity is sustainable and navigates the transition to a low-carbon economy. Specific nuclear and gas energy activities are in the list of economic activities covered by the EU taxonomy.
Who signed the Paris Agreement immediately after taking office, included measures to combat climate change in his ”Build Back Better” plan. The US is the second highest worldwide GHG emitter. The so-called ”Inflation Reduction Act”, which contains historically high financial incentives to achieve the objectives of the Paris Agreement, has been finally approved. It is the biggest climate package in US history. The bill invests more than $360 billion in energy and climate change programs over the next decade, including cash incentives for electric vehicle consumers and tax breaks to speed up the country’s transition to renewable energy sources. Senate Democrats say the bill will reduce carbon emissions by nearly 40% by 2030.
India is the fourth-largest GHG country emitter, behind Europe, and counts for 7% of global emissions. However, the average carbon footprint per person in India is relatively low at 0.56 tonnes per year.
And China – US collaboration on climate change decided during COP 26 has been suspended.
Has the world lost sight of the need to fight climate change? Click to discover more in our full article.
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