Stimulus packages to kickstart pandemic-hit economies can either shape a low-carbon future or lock the world into a fossil fuel system. Which countries in Asia are leading the green transition?
Renewable energy is making rapid inroads into the market, but fossil fuels still wield enormous global influence.
As manufacturing industries gain ground in its primarily agriculture-based economy, Bangladesh is expected to double its imports of fossil fuels in the coming decade and will miss its 2020 clean energy target.
America’s JP Morgan Chase has pumped more than the GDP of Finland into fossil fuels expansion since the Paris climate accord of 2015, while Japan’s and China’s mega banks have also been ‘failing miserably’ in their response to climate change over the last four years, a report from a coalition of NGOs has shown.
The use of fossil fuels such as coal and oil for generating electricity fell in 2019 in the United States, the European Union and India, at the same time overall power output rose, a turning point for the global energy mix.
In the face of the challenge posed by climate change, the focus of monetary policy often seems very short term. Central bankers must break this “curse of horizons” and take decisive steps to address fossil-fuel-related risks.
A new study counts the cost of pulmonary and heart diseases, premature deaths and missed work days from fossil fuel-generated air pollution. China, the world’s largest consumer of coal, is paying a hefty price.
The only realistic solution to the climate crisis is to replace fossil-fuel-based energy with renewables quickly and cost-effectively enough to keep the engines of economic growth running. A global carbon market would do just that.
Joint projects worth $27.6 billion are heavily skewed toward fossil fuels and extractives.
The news this month that the world’s largest banks still heavily finance fossil fuels, failed to respond to climate risks, and have yet to make substantial commitments to sustainable development hit hard. If they’re not going to finance the transition to a sustainable world, it’s not clear who would.