The world is struggling to reduce CO2 emissions at the pace required to limit global temperature increases. Stratospheric gas prices driven by the Ukraine war, searing summer heat and widespread drought has resulted in more coal being burnt in the US, Europe and China whilst also hiking up European carbon prices to record levels. In a time of global inflation and a cost-of-living crisis, meeting ambitious climate targets is becoming less of a priority for many governments. It's not all doom and gloom though. There has been a big increase in investment into new renewable energy resources, particularly into the fast-expanding bioenergy market as well as into the more nascent carbon removal market. Both of these industries are set for strong and urgently needed growth and will play a vital role in reducing emissions in key sectors globally by 2050.
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