“Fossil Fuel Use Drops Globally, Yet Shipping, Aviation, Industry Lag Behind

The journey towards a greener future is well underway, with unprecedented investments in clean energy marking the dawn of a new era in global power generation. The International Energy Agency heralds solar energy as the cheapest electricity source in history, a testament to the transformative potential of renewables. Rhodium’s analysis further illuminates this shift, projecting a significant decline in the world’s reliance on fossil fuels by 2050, thanks to the surge in solar investments and the retreat from coal-powered generation.

Parallel to the renewable energy revolution is the rapid growth of the electric vehicle (EV) market, which is set to redefine transportation. The forecast suggests a dramatic decrease in global oil consumption for on-road vehicles, anticipating a 50% reduction over the next three decades. This shift signifies a monumental step forward in reducing emissions from one of the most prolific sources of fossil fuel demand.

However, this promising progress towards decarbonization faces substantial challenges in completely phasing out carbon emissions by the mid-century. Achieving net-zero emissions by 2050, a target scientists deem crucial to averting the most catastrophic impacts of climate change, remains a formidable task. Heatwaves, floods, droughts, and other climate-related disasters continue to threaten our world, underscoring the urgency of addressing emissions comprehensively.

A significant hurdle in this endeavour is the persistent carbon pollution from three critical sectors: aviation, shipping, and industry. The absence of widespread alternatives to jet fuel and ship diesel constrains efforts to decarbonize these areas, with fossil fuel use expected to remain steady or even increase as economies in developing countries expand. Furthermore, specific industrial processes, including cement production and plastics manufacturing, present additional challenges in reducing reliance on carbon-intensive fuels. Read More

News Credit: Guardian Environment

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