This year’s Climate Week NYC has begun with unusual momentum.
Last year’s COP28 United Nations climate summit in Dubai resulted in unprecedented commitments. Governments agreed to triple renewable energy capacity and double the increase in energy efficiency worldwide. Half the oil and gas industry pledged to cut methane emissions by three-quarters. The World Bank and the African Development Bank announced that they would cut the number of households without electricity by 40%. But are commitments being turned into action?
In some places, yes — and impressively so. China’s biggest solar companies now contribute more energy to the world economy than the oil industry’s giants. The US increased renewable energy growth by 94% in a single year, partly because of the federal incentives championed by President Joe Biden that have resulted in three times as many Americans investing their own funds in renewable energy, as economists had projected. The European Union hit a new benchmark by generating 70% of its electricity from zero-carbon technologies. Globally, electric cars now make up 17% of total sales, and that number keeps rising.
In addition, batteries and other technologies — including new satellites that enable us to identify methane leaking from wells — continue to advance at a rapid pace. And as they do, costs keep coming down. The price of batteries has come down 90% in only 15 years.