My Account

Post: Globally we are off-track to meet power sector emissions goals, says Climate Action Tracker

News

Energy management insights for
better business decisions
Home | Globally we are off-track to meet power sector emissions goals, says Climate Action Tracker

Posted 11 months ago | 3 minute read

Globally we are off-track to meet power sector emissions goals, says Climate Action Tracker

The Climate Action Tracker (CAT) has released new analysis revealing that no country is progressing toward transitioning from fossil fuels to renewable energy generation.

In the analysis, released on 19 September, CAT analysed progress across 16 countries (Australia, Brazil, Chile, China, EU27, Germany, India, Indonesia, Japan, Mexico, Morocco, Türkiye, South Africa, United Arab Emirates, the UK, and the US), and then looked to see how they measure up against benchmarks for fossil gas, coal and renewable power. 

No country assessed is fully on track for this power shift, but there are some positive signs. The US and the UK’s 2035 power sector decarbonisation targets are in line with the needed unabated fossil gas phase-out by that time, but both need to do more to achieve them.

The UK is on track to phase out coal by 2024 – which is on a 1.5°C compatible timeline, with the EU, Germany, Chile and South Africa heading in the right direction. Most countries are not doing enough to accelerate the renewable energy transition, with Japan and Mexico noted as countries behind development needs. Germany and Chile are ahead in terms of renewables deployment.

The report comes days after the United Nations said the world was facing catastrophic climate change. To accelerate action by governments, business, finance, local authorities and civil society, and hear from “first movers and doers,” the United Nations Secretary-General is convening a Climate Ambition Summit at United Nations Headquarters in New York on 20 September 2023.

GridBeyond Co-founder and Chief Executive Michael Phelan said:

“World leaders gathered at COP26 to set targets for decarbonising the global economy. The table was set for the energy transition, and the energy industry was moving quickly to understand how it could continue to evolve to help governments achieve these ambitious new targets. Since then, the energy landscape has changed dramatically with increased focus on resilience and energy security. But this immediate challenge sits alongside the need for the world to achieve a deep and rapid decarbonisation.

“Energy market volatility and security constraints present an opportunity to supercharge the energy transition by ramping up clean energy investments and reshaping industrial and end consumer consumption and ensuring distributed energy assets are working in a way to add maximum value to grid operators and the wider market.

“Times of crisis put the spotlight on governments and many are now taking longer‐term steps to accelerate structural changes in energy markets. This means we could be on the brink of a historic turning point towards a cleaner and more secure energy future. But it is important to remember that time is ticking and this decade is our chance to stand up and play our part in creating a net-zero future that ensures supplies are available at a price that is affordable for all consumers.”

Enjoyed this content? Why not share it:

Back to all Insights

Latest energy insights

What's your site worth in the energy markets? Find out more in 4 simple steps.
Go to Energy Opportunity Calculator