American energy all over the world

Scientists have warned that to limit global warming to 1.5°C above pre-industrial levels, there must be no new fossil fuel extraction and a rapid reduction in carbon emissions—around 45% by 2030, compared to 2019 levels. This urgent call highlights the need for a drastic transformation in the energy sector. David Brown, director of energy transition practice at Wood Mackenzie, explains that the economics of energy supply play a crucial role in decarbonization. “The resource base of US energy supports the role of natural gas and liquids production. By contrast, import-dependent economies such as China, India, and Southeast Asia have a dramatic economic incentive to decarbonize their energy sources.” While global investment in energy transition surpassed $2 trillion last year, clean energy progress has slowed in recent years. Meanwhile, major banks continue to finance fossil fuels, undermining efforts to shift to renewable sources. Climate activist Patience Nabukalu has stressed the urgency of accelerating this transition. She warns that without swift action, the world risks falling behind on its climate goals, calling on leaders to prioritize sustainable energy investments and hold banks accountable for their role in perpetuating fossil fuel dependence.