Emerging markets India and China are driving growth in energy demand and choosing renewables over fossil fuels. Both are already choosing solar and wind over fossil fuels, a new report said on Tuesday.
Globally, the rapid growth of clean technologies will see fossil fuel demand peak in the 2020s, putting trillions at risk for unsavvy investors oblivious to the speed of the unfolding energy transition, said the Carbon Tracker report released here.
The report was released in the run-up to the three-day Global Climate Action Summit here from September 12 that will see 4,000-plus business leaders, investors, citizens and government representatives from all over the world, coming together with the united resolve to “take ambition to the next level”.
The report says demand for coal, gas and oil is stalling because the cost of renewables and battery storage is falling fast, emerging economies are pursuing clean energy, and governmental policy is being driven by the need to slash emissions, control climate change and reduce air pollution. Read More