At #COP28, nations are discussing the ‘decision text’ which includes the possibility of agreeing to peak global emissions before 2025 and addresses fossil fuel reduction. Evidence suggests the power sector is on the brink of peaking, as the growth of wind and solar energy is meeting the majority of the increase in electricity demand, potentially displacing fossil fuels. Despite setbacks from poor hydro conditions in 2023, half of the world’s economies have already seen a decline in fossil power. To ensure continued emission reductions, a significant scale-up in renewable energy and efficiency is necessary. Over 120 countries have pledged to triple renewables capacity, a commitment that could be key to achieving emission peaks and subsequent declines, reinforcing the transition to a clean energy economy.
Analysis by Ember reveals that the world is close to a turning point where power sector emissions stop increasing and start declining.
Source: World close to peak emissions in the power sector | Ember