2023 could become the hottest year on record and global climate action is falling short. It is quite easy to slide into despair now. But a new study by German thinktank New Climate Institute has highlighted several reasons to remain hopeful about climate.
The research explores technological and societal progress in limiting global heating to 1.5 degrees Celsius above pre-industrial levels, as agreed in Paris in 2015, and mentions a set of key global trends that suggest all is not lost.
Five Reliable Reasons To Still Hold On To Hope
From electric cars and cheap renewables to greater awareness and rising threat of climate litigation, experts have underscored five global developments providing grounds for optimism in the face of the raging climate emergency.
Increasing Focus On Climate
Climate change has now become a mainstream issue, getting discussed among a largest segment of the population. Growing awareness has led to more protests, including movements such as Extinction Rebellion, Fridays for Future, Just Stop Oil and the Last Generation.
Businesses Responding To Pressure
The threat of climate litigation against companies is heating up. Businesses are increasingly responding to societal pressure for change. Moreover, the risk of investing in fossil fuels that could no longer be burned is making banks reluctant to finance new coal power plants.
Net-zero Economy In The Limelight
Before the 2015 Paris deal, climate policies used to focus on reducing emissions in specific sectors. But today, achieving the net-zero target across the entire economy is the goal for several countries, regions and cities across the globe.
Transforming Energy Systems
Renewable energy is now cheaper than new fossil fuels in 90% of the Earth and the cheapest source of bulk electricity generation. Renewables providing the core of global energy systems is “a new normal”. Investments in renewables are now 5 times higher than in fossil fuels.
Electrification In Focus
Electrification is playing an important role in transport and heating. Europe recorded a 38% increase in sales of electrically powered heat pumps last year. Meanwhile, electric car sales have also risen much faster than expected across the globe.
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It appears the international community can derive strength from the continued increase in climate awareness and technical know-how, despite the pressing need for far more action to reach the ambitious targets set by the Paris deal.
