The International Energy Agency (IEA) has emphasized the need for an annual investment of $4.5 trillion (£3.7 trillion) from the beginning of the next decade to achieve net zero emissions by 2050. The IEA, based in Paris, stated that the remarkable growth in clean energy technology, such as solar panels and electric vehicles, makes it still feasible to limit global temperature increases to 1.5C. However, achieving this goal would require a significant increase in spending. It is projected that world governments and organizations will spend $1.8 trillion (£1.5 trillion) on transitioning to cleaner energy in 2023.
This year, temperatures have reached record levels, with global averages approximately 1.1C higher than the pre-industrial average. This is in contrast to the target set by the 2015 UN Paris Agreement to keep global temperature rises well below 2C and make efforts to limit them to 1.5C in order to prevent severe consequences such as drought, floods, and increased wildfires.
In its updated Net Zero Roadmap, the IEA highlighted the need to triple global renewable capacity, double energy efficient infrastructure, increase heat pump sales, and expand electric vehicle usage by 2030.
5 things to start your day
1) Nissan to go all-electric in UK by 2030 in snub to Sunak | In a snub to Rishi Sunak, Nissan has made a commitment to transition to all-electric vehicles in the UK and Europe by 2030.
2) Sunak ‘unconservative’ for watering down net zero rules, says Lord Deben | One of the former top climate advisers to the UK government, Lord Deben, criticized Rishi Sunak for weakening the country’s net zero commitments.
3) Ben Marlow: Sunak should go further and scrap HS2 entirely | Ben Marlow argues for the complete abandonment of the HS2 project, as he believes its benefits are overstated while its drawbacks are ignored.
4) GB News owner in talks with US billionaire over Telegraph bid | US billionaire Ken Griffin is reportedly in discussions to financially support a potential transatlantic acquisition bid for The Telegraph, led by hedge fund manager Sir Paul Marshall.
5) Mars shrinks size of Galaxy chocolate bars but supermarkets raise prices | Mars has reduced the size of its chocolate bars, contributing to a trend known as ‘shrinkflation’ in UK supermarkets.
What happened overnight
Asian shares mostly declined due to concerns about a potential US government shutdown and China’s struggling economy. Japan’s Nikkei 225 index fell 0.6%, Australia’s S&P/ASX 200 dipped 0.5%, South Korea’s Kospi dropped nearly 1%, Hong Kong’s Hang Seng shed 0.9%, and Shanghai Composite fell 0.2%. The dollar remains strong against the yen, prompting Japan to consider intervention. However, experts do not anticipate a strengthening of the yen due to the Japanese central bank’s commitment to maintaining loose monetary policy. Investors are also monitoring developments in China following Evergrande’s missed bond repayment, as the country’s troubled property sector comes into focus. On Wall Street, the S&P 500 and Nasdaq Composite experienced slight gains after last week’s losses.
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