Simon + @thierryaaron.bsky.social IMF reported fossil fuels subsidies as 7 trillion last year. What's going on?
Are you accounting for subsidies AND investments?
That’s excellent news, however given current circumstances new investments into fossil fuels should be basically zero, except for measures to reduce methane leaks, shutting down of operations etc.
I still see people dunking on orgs like RMI for their supposedly undue optimism around renewables, and yet every year the data seem to prove those orgs right.
mmm not sure, I haven't ever tried to look backwards, but as the estimates are for the past year / current year, I would have thought they should be less prone to error
To be fair, I guess the metric isn't just nameplate capacity of the two options but also the system capacity factor. That'll reduce intermittent renewables somewhat, but then grid scale battery storage comes along to level that up again (and that's getting cheaper all the time, just like solar).
Comments
Are you accounting for subsidies AND investments?
But in general this is one of the most hope-making outlooks in these times...
Its clear fossil fuel investment has grown every year since 2020
your chart is a forecast, let's see
but IMO sometimes good to step back from year-to-year and see the big picture – so I picked a decade
re CCS, no it isnt a big chunk (colours are similar, see pic)
Source for the image on right?
W/m2 is > SSP5.8.5
ppm CO2e is > SSP5.8.5
And we still invest trillions in NEW and OLD projects.
This needs a clear translation imo?
"6 billion humans will die prematurely and in agony within decades"
https://bsky.app/profile/nonviolence.bsky.social/post/3lqudzqzkws2i
Requires more little investment
$1bn in gas infrastructure buys less than half the energy compared to the same $1bn in solar and batteries.
So even if fossil fuel investment is double renewables, it is still less in terms of energy capacity.
(Credit to @aukehoekstra.bsky.social, obvs)
https://www.carbonbrief.org/analysis-world-will-add-enough-renewables-in-five-years-to-power-us-and-canada/