OSLO: The world is choking from emissions more than ever but that trend is set to reverse starting next year as the cost of solar panels and batteries crowd out coal and stunt the growth of oil, says a new report.
DNV, a Norwegian risk management company, finds global emissions likely have peaked, but the transition to clean energy remains “too slow”.
“Worryingly, our forecasted decline is very far from the trajectory required to meet the Paris Agreement targets,” DNV chief executive officer Remi Eriksen wrote in the report.
“In particular, the hard-to-electrify sectors need a renewed policy push.”
Though renewable growth continues to beat records, some countries continue to struggle, according to the report.
More military spending and tough economic conditions mean nations are sometimes turning away from ambitious climate goals.
“There is a growing mismatch between short-term geopolitical and economic priorities versus the need to accelerate the energy transition,” Eriksen added.
The cost of deploying solar panels and battery technology is due to drop by 19% by 2030, helping deliver record amounts of low carbon power. — Bloomberg
