The race for clean energy is gathering speed but who will win? - Al Jazeera English
The race for clean energy is gathering speed but who will win? | Renewable Energy | Al Jazeera
Video Duration 02 minutes 08 seconds Counting the Cost
The race for clean energy is gathering speed but who will win?
The technology to build green economies is mainly produced in China. The United States and the European Union are trying to catch up.
The race for clean energy is moving fast.
And it could drive geopolitical rivalries and reshape the balance of power.
As nations face up to the impacts of climate change, global spending on the transition to clean energy hit record highs last year.
Around $1.8 trillion was spent on installing renewable energy systems, buying electric cars and deploying other technologies.
But it is nothing like enough. The world needs to invest well over double that to reach net-zero emissions by mid-century.
So, which countries are pulling ahead?
Plus, is the air we breathe becoming a luxury many people cannot afford?
Published On 29 May 2024
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”