- The world is on an unstoppable shift towards renewable energy, but the phase-down of fossil fuels is not happening quickly enough.
- Renewables are predicted to provide half of the world's electricity by 2030, yet emissions remain too high to prevent a 1.5°C temperature rise.
- Investment in fossil fuels needs to be cut in half, while current levels are double what they should be.
- Clean energy growth is impressive, with electric car sales rising from 1 in 25 in 2020 to 1 in 5 in 2023.
- Oil and gas will continue to play a role, but new oil fields like Rosebank are criticized as inconsistent with climate goals.
- World leaders at COP28 may agree to phase out unabated fossil fuels, but abatement technologies are not yet scalable.
- Rising tensions in the Middle East add uncertainty to energy markets, drawing parallels to the 1973 oil crisis.
- Expansion of solar and wind energy offers a long-term solution to energy volatility.