A new study has found that government policies that help accelerate the energy transition to net zero will reduce future energy bills and create jobs while maintaining GDP growth in both advanced and developing economies.
UN Secretary-General António Guterres has proposed what he calls “five critical actions” to jump-start the energy transition, including phasing out subsidies for fossil fuels and tripling private and public investments in renewables to at least US$ 4 trillion dollars a year.
Poland is betting on offshore wind to reduce its dependence on coal and strengthen energy security. The regulatory framework adopted last year has boosted investor confidence and the first fixed-bottom installations in the Baltic Sea are expected to be up and running by the middle of the decade.
The UAE, which was the first Middle Eastern country to announce a net zero emissions target by 2050 and will host the 2023 UN-led climate conference, sees itself at the forefront of the regional energy transition.
While Europe is partly accelerating low-carbon programmes to wean itself off Russian energy in the light of the Ukraine war, the picture in Asia is more mixed, with many still associating reliable energy with fossil fuels.
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