Future Outlook

At the UN climate summit earlier this month, COP28, world leaders reached an agreement that explicitly called on countries to reduce fossil fuel consumption. While falling short of the key “phase out” of fossil fuels, the final deal breaks new ground as it is the first time a COP text mentions moving away from planet-warming oil and natural gas, fuels that have underpinned the global economic development for nearly a century. Countries also agreed to triple renewable energy capacity and double energy efficiency improvements by 2030, though experts still say the commitments made so far are not enough to put the world on track to meet the Paris goal.