Recent environmental, macroeconomic and geopolitical events have affected the energy system in multiple ways and highlighted the complexities of the energy transition. In particular, energy market disruptions and subsequent volatility and knock-on effects on the global economy have demonstrated the need for the global energy transition to strike the right balance between energy affordability, security and sustainability. In essence, what is needed is to collectively drive a resilient energy transition that can keep the momentum moving forward in challenging times. Trade-offs between energy affordability, security and sustainability exist today and are expected to continue to evolve. Countries must manage them carefully to keep the transition going.
As the gap between climate pledges and implementation continues to widen, it is essential to accelerate the transition and mitigate the risks of a slowdown. Early signs of the transition’s implications on equity and justice indicate the need for robust and well-targeted measures to protect vulnerable populations and businesses against the impact of possible future high energy prices. Additionally, as many countries’ energy security concerns grow, it is key to note that the energy transition, which can help diversify energy supply with low-carbon energy sources, can be a source of energy security. Countries can engage in the dual energy supply diversification of import partners in the short term and energy mix in the long term. The energy crisis provides an opportunity to supercharge the transition by increasing clean energy investments at record pace and transforming consumers’ energy consumption habits. It is too early to tell, however, whether the world will see a tipping point in the transition, which depends on the collective actions of governments, corporations and consumers.
This special 2022 edition stresses the importance of the industrial sector’s transformation. This sector represents a significant share of global emissions, faces enormous challenges to decarbonize and is where demand is expected to grow significantly by 2050, partly due to the needs of the transition itself. Stark differences can be observed between countries with. largely service-based economies and countries that have maintained relatively large shares of industrial activity. The former typically fare better with their energy transitions as the historical ETI trends reveal. Progress to decarbonize industry will be key in many countries, most notably in the G20 economies, which produce 85% of global industrial output.223
However, many industries are still refining their pathways to a low-carbon future and major challenges likely remain, particularly in heavy industries, which face complex decarbonization challenges in multiple areas, including low-emission technology, electrification, access to low-carbon energy infrastructure, demand for low-emission products, enabling policies and regulations, and access to capital, among others. Solutions to industry choke points are seldom found within a single firm or even industry and will require innovative partnerships between customers and suppliers, between industry and cross-industry peers and between the wider ecosystem of industry stakeholders. A step change in collaborative activity could be the key to unlocking the net zero transformation of industries and keeping the net-zero by 2050 goal within reach.
Advancing the global energy transition at the required pace will depend on the world’s ability to intensify, replicate, scale and further improve the collaborative efforts across countries and sectors. Working together will allow us to achieve the structural change necessary to underpin our collective transition journey to 2050 and beyond.
bp Statistical Review of World Energy, Climate Action Tracker, Ember, Enerdata, Energy and Climate Intelligence Unit, Fitch Ratings, Heritage Foundation, International Energy Agency, International Gas Union, International Monetary Fund, International Renewable Energy Agency, Moody’s, PBL Netherlands Environmental Assessment Agency, Standard & Poor’s, Transparency International, UN SEforALL, UN Statistics Division and UNCTADstat, World Bank Group, World Health Organization, World Trade Organization
The World Economic Forum acknowledges and thanks the individuals and experts without whose support this Fostering Effective Energy Transition: 2022 edition would not have been possible:
Morgan Bazilian, Professor of Public Policy, and Director of Payne Institute, Colorado School of Mines, USA
Dominic Emery, Chief of Staff, bp, United Kingdom
Rabia Ferroukhi, Director, Knowledge, Policy and Finance Centre, International Renewable Energy Agency (IRENA), Abu Dhabi
Lin Boqiang, Dean, China Institute for Studies in Energy Policy, Xiamen University, People’s Republic of Chin
Bertrand Magne, Senior Economist and Energy Specialist, International Atomic Energy Agency (IAEA), Vienna
Andrea Mercante, Global Head, Long-Term Strategy, Eni, Italy
Davide Puglielli, Head, Scenario Planning and Group Strategic Positioning, Enel, Italy
John Scott, Head, Sustainability Risk, Zurich Insurance Group, Switzerland
David Victor, Professor, University of California, San Diego (UCSD), USA
Rigoberto Ariel Yepez-Garcia, Chief, Energy Division, Inter-American Development Bank, Washington DC
Muqsit Ashraf, Senior Managing Director and Lead, Energy Industry Sector
Stephanie Jamison, Senior Managing Director and Strategy & Consulting Lead, Europe
Roberto Bocca, Head of Shaping the Future of Energy, Materials and Infrastructure; Member of the Executive Committee
Maxime Havard, Senior Manager, Strategy & Consulting, Energy
Ana Luisa Lage, Manager, Strategy & Consulting, Energy
David Rabley, Managing Director and Global Energy Transition Lead, Oil & Gas
Sudipto Sur, Manager, Strategy & Consulting
Dominique Hischier, Programme Analyst, Energy, Materials and Infrastructure Platform
Espen Mehlum, Head of Energy, Materials and Infrastructure Programme, Benchmarking and Regional Action
Harsh Vijay Singh, Platform Curator, Energy, Materials and Infrastructure Platform
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2: Scully, Jules, “Reaching net zero may require 960GW of annual solar and wind additions by 2030, BNEF says”, Current News, 22 July 2021, https://www.current-news.co.uk/news/reaching-net-zero-may-require-960gw-of-annual-solar-and- wind-additions-by-2030-bnef-says.
3: International Energy Agency (IEA), World Energy Outlook 2021, 2021, https://www.iea.org/reports/world-energy- outlook-2021.
4: Whiting, Kate, “Energy efficiency is the world’s ‘first fuel’ - and the main route to net zero, says IEA chief”, World Economic Forum, Agenda, 25 January 2022, https://www.weforum.org/agenda/2022/01/iea-energy-efficiency-worlds- first-fuel-net-zero.
5: Breakthrough Energy, Sectoral Analysis, “Emissions breakdown for Manufacturing, by challenge”, https://www.breakthroughenergy.org/go-deeper/sectoral-analysis.
6: Ibid., “Emissions breakdown for Manufacturing, by subsector”: adding values from Cement (19%), Iron and Steel (18%), Chemicals (15%), Oil and Gas production (13%), Refining (7.6%) and Coal Mining (6.4%) totals 79%, approximated to 80%, given other measurement uncertainties, https://www.breakthroughenergy.org/go-deeper/sectoral-analysis.
7: World Economic Forum, “First Movers Coalition”, https://www.weforum.org/first-movers-coalition.
8: United Nations Climate Change, “COP26: The Glasgow Climate Pact”, UN Climate Change Conference UK 2021, 2021, https://ukcop26.org/wp-content/uploads/2021/11/COP26-Presidency-Outcomes-The-Climate-Pact.pdf.
9: Sharafedin, Bozorgmehr, Stephanie Kelly and Patricia Vicente Rua, “As fuel prices rise to record highs, governments look for solutions”, Reuters, 10 March 2022, https://www.reuters.com/business/energy/fuel-prices-rise-record-highs- governments-look-solutions-2022-03-10.
10: Sustainable Energy for All, “SEforALL Analysis of SDG7 Progress – 2021”, 11 August 2021, https://www.seforall.org/ data-stories/seforall-analysis-of-sdg7-progress-2021.
11: International Energy Agency (IEA), “Global CO2 emissions rebounded to their highest level in history in 2021”, Press Release, 8 March 2022, https://www.iea.org/news/global-co2-emissions-rebounded-to-their-highest-level-in-history-in-2021.
12: International Energy Agency (IEA), Global Energy Review 2020, 2020, https://www.iea.org/reports/global-energy-review-2020.
13: International Monetary Fund (IMF), “World Economic Outlook, Update: Rising Caseloads, A Disrupted Recovery, and Higher Inflation”, January 2022, https://www.imf.org/en/Publications/WEO/Issues/2022/01/25/world-economic-outlook-update-january-2022.
14: Newburger, Emma, “Global electric power demand surges above pre-pandemic levels”, CNBC, 25 August 2021, https://www.cnbc.com/2021/08/25/global-electric-power-demand-surges-above-pre-pandemic-levels-. html#:~:text=Carbon%20dioxide%20emissions%20from%20the,outbreak%2C%20which%20prompted%20 worldwide%20lockdowns.
15: Perkins, Robert, “Global oil demand to surpass pre-pandemic levels in 2022 as omicron fears subside: IEA”, S&P Global, 19 January 2022, https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/energy- transition/011922-global-oil-demand-to-surpass-pre-pandemic-levels-in-2022-as-omicron-fears-subside-iea.
16: The Oxford Institute for Energy Studies, “Surging 2021 European Gas Prices – Why and How?”, January 2022, https://www.oxfordenergy.org/wpcms/wp-content/uploads/2022/01/Surging-2021-European-Gas-Prices-%E2%80%93-Why-and-How.pdf.
17: International Energy Agency (IEA), Gas Market Report, Q1 2022, January 2022, https://iea.blob.core.windows.net/ assets/4298ac47-e19d-4ab0-a8b6-d8652446ddd9/GasMarketReport-Q12022.pdf.
18: Harrison, David, “Retail Sales Rise, Showing Strong Consumer Demand, Higher Inflation”, The Wall Street Journal, 15 October 2021 update, https://www.wsj.com/articles/us-economy-september-2021-retail-sales-11634246791.
19: Morgan Stanley, “Global Supply Chains: Risk, Repair and Restructuring”, 17 February 2022, https://www.morganstanley. com/ideas/supply-chain-disruption-outlook.
20: Levanon, Gad, “Why Wages Are Growing Rapidly—Both Now And In The Future”, Forbes, 26 July 2021, https://www.forbes.com/sites/gadlevanon/2021/07/26/why-wages-are-growing-rapidly-both-now-and-in-the- future/?sh=23791d1bcfe9.
21: Goodman, Laurie, “As Housing Prices Continue to Rise, Who Gets Left Behind?”, Barron’s, 29 July 2021, https://www. barrons.com/articles/housing-is-becoming-less-accessible-who-rising-prices-affect-most-and-why-51627508785.
22: Marquardt, Andrew, “Up and down the supermarket aisle, food prices are rising in 2022. Here’s where you’ll pay more”, Fortune, 29 December 2021, https://fortune.com/2021/12/29/supermarket-food-prices-inflation-2022-kraft-heinz-modelez-general-mills.
23: Abbas, Nassira, and Tobias Adrian, “Low Real Interest Rates Support Asset Prices, But Risks Are Rising”, International Monetary Fund, 27 January 2022, https://blogs.imf.org/2022/01/27/low-real-interest-rates-support-asset-prices-but-risks-are-rising.
24: Reinhart, Carmen, and Clemens Graf Von Luckner, “The Return of Global Inflation”, World Bank, 14 February 2022, https://blogs.worldbank.org/voices/return-global-inflation.
26: Arezki, Rabah, and Per Magnus Nysveen, “Ukraine invasion: From oil sanctions to accelerating the energy transition”, VoxEU, 1 April 2022, https://voxeu.org/article/ukraine-invasion-oil-sanctions-accelerating-energy-transition.
27: US Energy Information Administration (EIA), “Oil and petroleum products explained”, 25 February 2022 update, https://www.eia.gov/energyexplained/oil-and-petroleum-products/prices-and-outlook.php.
28: Kpodar, Kangni R., and Boya Liu, “The Distributional Implications of the Impact of Fuel Price Increases on Inflation”, International Monetary Fund, 12 November 2021, https://www.elibrary.imf.org/view/journals/001/2021/271/article-A001-en.xml.
30: European Central Bank (ECB), “Looking through higher energy prices? Monetary policy and the green transition”, Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on “Climate and the Financial System” at the American Finance Association 2022 Virtual Annual Meeting, 8 January 2022, https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220108~0425a24eb7.en.html.
32: Levell, Peter, and Heidi Karjalainen, “The cost of living crisis – who is hit by recent price increases?”, Institute for Fiscal Studies, 17 November 2021, https://ifs.org.uk/publications/15834.
33: BBC, “Rising fuel and food costs push US inflation to 7.9%”, 10 March 2022, https://www.bbc.com/news/business-60696125.
34: Baffes, John, and Wee Chian Koh, “Soaring fertilizer prices add to inflationary pressures and food security concerns”, World Bank, 15 November 2021, https://blogs.worldbank.org/opendata/soaring-fertilizer-prices-add-inflationary- pressures-and-food-security-concerns.
35: US Energy Information Administration (EIA), “Coal Data Browser”, 2021, https://www.eia.gov/coal/data/ browser/#/topic/20?agg=0,1&geo=vvvvvvvvvvvvo&sec=vs&freq=A&start=2001&end=2020&ctype=map<ype=pin&rtype= s&pin=&rse=0&maptype=0.
36: US Energy Information Administration (EIA), “Annual U.S. coal-fired electricity generation will increase for the first time since 2014”, 18 October 2021, https://www.eia.gov/todayinenergy/detail.php?id=49996.
37: US Energy Information Administration (EIA), “Short-Term Energy Outlook”, 12 April 2022, https://www.eia.gov/outlooks/steo/report/coal.php.
38: Nasr, Joseph, “Factbox: Can Germany keep warm without Russian gas?”, Reuters, 8 March 2022, https://www.reuters. com/business/energy/can-germany-keep-warm-without-russian-gas-2022-03-08.
39: International Energy Agency (IEA), “Oil security: The global oil market remains vulnerable to a wide range of risk factors”, 24 February 2022 update, https://www.iea.org/areas-of-work/ensuring-energy-security/oil-security.
40: US Department of Energy, “U.S. and 30 Countries Commit to Release 60 Million Barrels of Oil From Strategic Reserves to Stabilize Global Energy Markets”, 1 March 2022, https://www.energy.gov/articles/us-and-30-countries-commit-release-60-million-barrels-oil-strategic-reserves-stabilize.
41: Pilkington, Ed, and Chris Michael, “Biden announces ‘largest release of oil reserves’ in effort to curb gasoline prices”, The Guardian, 31 March 2022, https://www.theguardian.com/business/2022/mar/31/us-release-oil-strategic-reserve-gas-price.
42: Stevens, Reid, “The Strategic Petroleum Reserve and Crude Oil Prices”, University of California, Berkeley, 15 November 2014, https://are.berkeley.edu/sites/default/files/job-candidates/paper/The%20Strategic%20Petroleum%20Reserve%20 and%20Crude%20Oil%20Prices_0.pdf.
43: Greenley, Heather L., The Strategic Petroleum Reserve: Background, Authorities, and Considerations, US Congressional Research Service, CRS Report R46355, 13 May 2020, https://crsreports.congress.gov/product/pdf/R/R46355.
44: Halkos, George E., and Eleni-Christina Gkampoura, “Coping with Energy Poverty: Measurements, Drivers, Impacts, and Solutions”, Energies, vol. 14, no. 10: 2807, 13 May 2021, https://www.mdpi.com/1996-1073/14/10/2807.
45: Dobbins, Audrey, Francesco Fuso Nerini and Steve Pye, Measures to protect the vulnerable consumers in the energy sector, Insight Energy, Policy Report, 2016, http://insightenergy.org/system/publication_files/files/000/000/065/original/ INSIGHT_E_PR_EP2_FINAL.pdf.
46: European Central Bank, “Survey on the Access to Finance of Enterprises: availability of finance improved amid increase in turnover”, Press Release, 24 November 2021, https://www.ecb.europa.eu/press/pr/date/2021/html/ecb. pr211124~e01183fe90.en.html.
47: The following definition of “net-zero emissions” is from the IPCC (Intergovernmental Panel on Climate Change): “Net- zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net- zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon).” See IPCC, Annex I: Glossary, in Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre- industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty, Matthews, J.B.R. (ed.), 2018, https://www.ipcc.ch/sr15/chapter/glossary.
48: Bordoff, Jason, and Meghan L. O’Sullivan, “Green Upheaval: The New Geopolitics of Energy”, Foreign Affairs, January/ February 2022, https://www.foreignaffairs.com/articles/world/2021-11-30/geopolitics-energy-green-upheaval.
49: International Energy Agency (IEA), “Energy Security: Reliable, affordable access to all fuels and energy sources”, https://www.iea.org/topics/energy-security.
50: Spencer, Starr, “Need for investment is critical for oil, gas industry: World Petroleum Congress panelists”, S&P Global, 7 December 2021, https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/120721-need-for-investment-is-critical-for-oil-gas-industry-world-petroleum-congress-panelists.
51: World Bank, “The Global Economy: on Track for Strong but Uneven Growth as COVID-19 Still Weighs”, 8 June 2021, https://www.worldbank.org/en/news/feature/2021/06/08/the-global-economy-on-track-for-strong-but-uneven-growth- as-covid-19-still-weighs.
52: Attinasi, Maria Grazia, Mirco Balatti, Michele Mancini and Luca Metelli, “Supply chain disruptions and the effects on the global economy”, European Central Bank, Part of the ECB Economic Bulletin, Issue 8/2021, https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202108_01~e8ceebe51f.en.html.
53: Sheppard, David, “Why Europe fears a gas crunch even before winter demand begins”, Financial Times, 15 September 2021, https://www.ft.com/content/7c31ca15-aa4f-4a32-bb90-ebc1341ed374.
54: Cable, Jonathan, and Leika Kihara, “Factories struggling as supply constraints hit, costs rise”, Reuters, 1 October 2021, https://www.reuters.com/business/global-economy-asian-factories-stagnate-chinas-slowdown-supply-constraints-hit-2021-10-01.
55: International Energy Agency (IEA), Financing Clean Energy Transitions in Emerging and Developing Economies, World Energy Investment 2021 Special Report, Report extract: Executive summary, 2021, https://www.iea.org/reports/ financing-clean-energy-transitions-in-emerging-and-developing-economies/executive-summary.
56: Chestney, Nina, “Explainer: Why Europe faces climbing energy bills”, Reuters, 3 February 2022, https://www.reuters.com/business/energy/why-europe-faces-climbing-energy-bills-2022-02-03.
57: Sharafedin, Bozorgmehr, Susanna Twidale and Roslan Khasawneh, “Soaring gas prices ripple through heavy industry, supply chains”, Reuters, 22 September 2021, https://www.reuters.com/business/energy/soaring-gas-prices-ripple- through-heavy-industry-supply-chains-2021-09-22.
58: Murtaugh, Dan, Josh Saul and Naureen S. Malik, “Global Power Grids Pushed to Breaking Point”, Bloomberg, 16 June 2021, https://www.bloomberg.com/news/articles/2021-06-16/power-prices-rising-temperatures-risk-blackouts.
59: Evans, Morgan, “Global Power Outages, High Prices, Extreme Weather and Supply Chain Issues Arose in 2021”, Natural Gas Intelligence, 8 February 2022, https://www.naturalgasintel.com/global-power-outages-high-prices-extreme-weather-and-supply-chain-issues-arose-in-2021.
60: Canada’s Oil & Natural Gas Producers (CAPP), “Markets”, 2022, https://www.capp.ca/energy/markets.
61: Calculated from the data in Rystad Energy, “Don’t call it a comeback: Coal power increased in Europe in 2021 on gas supply concerns and limited alternatives”, Press Release, 18 February 2022, https://www.rystadenergy.com/newsevents/ news/press-releases/dont-call-it-a-comeback-Coal-power-increased-in-Europe-in-2021-on-gas-supply-concerns-and-limited-alternatives.
62: Eurostat, “Energy consumption in households”, June 2021, https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Energy_consumption_in_households#Use_of_energy_products_in_households_by_purpose.
63: International Energy Agency (IEA), “How Europe can cut natural gas imports from Russia significantly within a year”, Press Release, 3 March 2022, https://www.iea.org/news/how-europe-can-cut-natural-gas-imports-from-russia-significantly-within-a-year.
64: International Renewable Energy Agency (IRENA), A New World: The Geopolitics of the Energy Transformation, Global Commission of the Geopolitics of Energy Transformation, 2019, http://geopoliticsofrenewables.org/Report.
65: Vithayasrichareon, Peerapat, “Integrating solar PV and wind into the grid”, International Energy Agency, 2021, https://iea.blob.core.windows.net/assets/d7e138a1-8c16-42a7-9706-c97d1f6d4de3/IntegratingsolarPVandwindintothegrid.pdf.
66: Cochrane, Emily, “Senate Passes $1 Trillion Infrastructure Bill, Handing Biden a Bipartisan Win”, The New York Times, 10 August 2021, https://www.nytimes.com/2021/08/10/us/politics/infrastructure-bill-passes.html.
67: European Commission, “Commissioner (2019-2024): Kadri Simson, Responsibilities”, https://ec.europa.eu/commission/commissioners/2019-2024/simson_en.
68: International Energy Agency (IEA), The Role of Critical Minerals in Clean Energy Transitions, Executive summary, 2022, https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions/executive-summary.
69: Bordoff and O’Sullivan, “Green Upheaval”, op. cit.
70: Twidale, Susanna, “Britain to start approval process for Rolls-Royce mini nuclear reactor”, Reuters, 7 March 2022, https://www.reuters.com/business/britain-start-approval-process-rolls-royce-mini-nuclear-reactor-2022-03-07.
71: US Department of Energy, Office of Nuclear Energy, “Advanced Reactor Technologies”, https://www.energy.gov/ne/advanced-reactor-technologies.
72: “Majority in Japan backs nuclear power for first time since Fukushima”, The Japan Times, 28 March 2022, https://www.japantimes.co.jp/news/2022/03/28/national/nuke-power-poll.
73: Government of India, Department of Atomic Energy, Press Information Bureau, “Union Minister Dr. Jitendra Singh says, Government has accorded approval for setting up the largest nuclear power generating site at Jaitapur in Maharashtra with a total capacity of 9900 MW”, Press Release, 16 December 2021, https://pib.gov.in/PressReleasePage.aspx?PRID=1782229.
74: Murtaugh, Dan, and Krystal Chia, “China’s Climate Goals Hinge on a $440 Billion Nuclear Buildout”, Bloomberg,
2 November 2021, https://www.bloomberg.com/news/features/2021-11-02/china-climate-goals-hinge-on-440-billion- nuclear-power-plan-to-rival-u-s.
75: Tirone, Jonathan, Kati Pohjanpalo and Jesper Starn, “Europe’s Other Energy Problem: Relying on Russian Nuclear Fuel”, Bloomberg, 7 April 2022, https://www.bloomberg.com/news/articles/2022-04-07/europe-s-other-energy-problem-relying-on-russian-nuclear-fuel.
76: Northey, Hannah, “How Russia’s invasion is affecting U.S. nuclear”, Energywire, 14 March 2022, https://www.eenews. net/articles/how-russias-invasion-is-affecting-u-s-nuclear.
77: IEA, The Role of Critical Minerals in Clean Energy Transitions, op. cit.
78: Sustainable Energy for All, “SEforALL Analysis of SDG7 Progress – 2021”, op. cit.
80: Gopinath, Gita, “Managing Divergent Recoveries”, International Monetary Fund, 6 April 2021, https://blogs.imf.org/2021/04/06/managing-divergent-recoveries.
81: Cozzi, Laura, Gianluca Tonolo and Daniel Wetzel, “The pandemic continues to slow progress towards universal energy access”, International Energy Agency, 24 September 2021, https://www.iea.org/commentaries/the-pandemic-continues- to-slow-progress-towards-universal-energy-access.
82: Brunell, Jacob, Julia Fonteles, Will Putzier and Nicolette Salazar, “Electrifying Rural Healthcare in Sub-Saharan Africa”, Climatelinks, 23 September 2021, https://www.climatelinks.org/blog/electrifying-rural-healthcare-sub-saharan-africa.
83: Gordon, Oliver, “How Covid-19 is reversing energy access in the Global South”, EnergyMonitor, 22 March 2022, https://www.energymonitor.ai/policy/just-transition/how-covid-19-is-reversing-energy-access-in-the-global-south.
85: International Renewable Energy Agency (IRENA), “Majority of New Renewables Undercut Cheapest Fossil Fuel on Cost”, Press Release, 22 June 2021, https://www.irena.org/newsroom/pressreleases/2021/Jun/Majority-of-New-Renewables-Undercut-Cheapest-Fossil-Fuel-on-Cost.
86: Lambert, Fred, “Global market share of electric cars more than doubled in 2021 as the EV revolution gains steam”, Electrek, 2 February 2022, https://electrek.co/2022/02/02/global-market-share-of-electric-cars-more-than- doubled-2021.
87: “Lithium battery costs have fallen by 98% in three decades”, The Economist, 31 March 2021, https://www.economist. com/graphic-detail/2021/03/31/lithium-battery-costs-have-fallen-by-98-in-three-decades.
88: McGrath, Matt, “Climate change: Wind and solar reach milestone as demand surges”, BBC, 30 March 2022, https://www.bbc.com/news/science-environment-60917445.
89: Ember, “Global Electricity Review 2022”, 30 March 2022, https://ember-climate.org/insights/research/global-electricity- review-2022/#global-trends-1-wind-and-solar-surpass-10.
90: Intergovernmental Panel on Climate Change (IPCC), Climate Change 2022: Mitigation of Climate Change, Summary for Policymakers, 2021, https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_SummaryForPolicymakers.pdf.
91: Ibid., Section B.2.
92: International Energy Agency (IEA), “Global Energy Review: CO2 Emissions in 2020”, 2 March 2021, https://www.iea.org/articles/global-energy-review-co2-emissions-in-2020.
93: IPCC, Climate Change 2022, op. cit.
94: Ibid., Section B.1.2.
95: International Energy Agency (IEA), “Pathway to critical and formidable goal of net-zero emissions by 2050 is narrow but brings huge benefits, according to IEA special report”, Press Release, 18 May 2021, https://www.iea.org/news/pathway- to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits.
96: As per the IPCC’s definition of “net zero”, in IPCC, Annex I: Glossary, in Global Warming of 1.5°C, op. cit.
97: Climate Action Tracker, “CAT net zero target evaluations”, 9 November 2021 update, https://climateactiontracker.org/global/cat-net-zero-target-evaluations.
98: European Commission, “Launch by United States, the European Union, and Partners of the Global Methane Pledge to Keep 1.5C Within Reach”, 2 November 2021, https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_21_5766.
99: Climate Action Tracker, “Glasgow’s 2030 credibility gap: net zero’s lip service to climate action”, 9 November 2021, https://climateactiontracker.org/publications/glasgows-2030-credibility-gap-net-zeros-lip-service-to-climate-action.
100: Birol, Fatih, “COP26 climate pledges could help limit global warming to 1.8°C, but implementing them will be the key”, International Energy Agency, 4 November 2021, https://www.iea.org/commentaries/cop26-climate-pledges-could-help-limit-global-warming-to-1-8-c-but-implementing-them-will-be-the-key.
101: McGrath, “Climate change: Wind and solar reach milestone as demand surges”, op. cit.
103: Ambrose, Jillian, “Five Asian countries account for 80% of new coal power investment”, The Guardian, 30 June 2021, https://www.theguardian.com/environment/2021/jun/30/five-asian-countries-80-percent-new-coal-power-investment.
104: IPCC, Climate Change 2022, op. cit., Section B.7.1.
105: IEA, World Energy Outlook 2021, op. cit.
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