 Global Energy and Climate Outlook 2023Kimon Keramidas,
Florian Fosse (),
Andrea Diaz Rincon (),
Paul Dowling (),
Rafael Garaffa,
Jose Ordonez (),
Peter Russ (),
Burkhard Schade,
Andreas Schmitz (),
Antonio Soria Ramirez (),
Camille Van der Vorst and
Matthias Weitzel
No JRC136265, JRC Research Reports from Joint Research Centre Abstract: This edition of the Global Energy and Climate Outlook (GECO 2023) presents an updated view on the implications of energy and climate policies worldwide to reaching the goals of the Paris Agreement, and contributes to JRC’s work in the UNFCCC policy process. This report provides insight into the investment and related new jobs required by the transition to a low-carbon economy. Current climate policy pledges and targets imply a rapid decline in greenhouse gas emissions. Still, there remains both an implementation gap in adopting policies aligned with countries' mid-term Nationally Determined Contributions and Long-Term Strategies, and a collective ambition gap in reducing emissions to reach the Paris Agreement targets of pursuing efforts to limit global warming to 1.5°C. Global emissions are projected to peak during the current decade, but failing to implement additional policies puts the world on a trajectory towards a long-term temperature increase of 3°C. The current decade is key for keeping the 1.5°C target possible. GECO 2023 highlights the global investment needs of the 1.5°C scenario. Accelerated carbonisation efforts are needed across all sectors of the economy. Energy sector investments need to triple this decade, doubling energy efficiency rates and bringing renewables deployment to 11 TW by 2030. This transition comes along with substantial investment spill-over and stimulus effects, boosting investment and employment across value chains, e.g. in the construction and electrical and equipment goods manufacturing. Date: 2023-12 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ipt:iptwpa:jrc136265 Access Statistics for this paper More papers in JRC Research Reports from Joint Research Centre Contact information at EDIRC. |
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