Au revoir, Paris Agreement — Green Energy Investment has become Too Little, Too Late
A new study from Rystad Energy shows an improvement in renewables investment, but it is too little, too late. With only modest efforts by many of the large polluting nations and companies, reaching widely accepted climate goals has become impossible.
READ MORE ABOUT THE LAGGING COURSE OF RENEWABLE ENERGY
The Terrible Failure Of Renewables
Renewables Growing Much Too Slowly
According to the study, capital invested during 2023 in renewables, nuclear, and wind totaled $742 billion. Similar investments in oil and gas came in at $698 billion. It is hard to say they are equivalent since much of the technology and infrastructure is already in place for oil and gas
According to Axios, “It’s the latest in a string of major analyses that show two things at once — rapid uptake of climate-friendly energy, and a transition that’s still too slow to meet Paris Agreement goals meant to keep the threat of climate change in check.”
No matter how strong the case is that climate change will affect billions of lives negatively and erode GDP worldwide, the largest polluters — China, the U.S. and India — have not substantially altered their regulations to lower greenhouse gas emissions. The wealthiest nations have also not provided poor nations with the capital to lower their emissions.
There is no sign that any of this will change.
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