There are plenty of reasons to be hopeful about the energy transition -- more drivers are switching to electric cars, the deployment of renewable sources of power continues to grow, and the US may have finally gotten serious about climate action with the Inflation Reduction Act.
But while the general direction of travel may be correct, the pace needs to pick up dramatically.
The world is getting uncomfortably close to running out of time to limit global warming to 1.5 degrees C above pre-industrial levels
In fact, the latest annual Global Carbon Budget report concludes there is a 50% chance this threshold will be breached within the next nine years if the current rate of emissions persists.
Here are five charts from BloombergNEF on some of the latest headwinds for the race to net zero.
Bloomberg 15 november 2022
There is no way Earth can now avoid a temperature rise of more than 1.5°C
Editorial The Economist 3 November 2022