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26 I Companies & Markets bne August 2024
only if the adjusted temperatures, taking out seasonal fluctuations, is above 1.5C for three years in a row.
And the world is rapidly moving towards that point. As bne IntelliNews reported, six of the nine planetary boundaries have already been breached, up from three in 2009, and the major developed countries like the EU and the US
have already used up their carbon budget – the amount of emissions they are allowed to emit under the terms of the Paris Agreement and still leave a 50% possibility of staying under the 1.5C temperature rise threshold.
At the same time the retreat of the global ice caps has also accelerated, with the level of the ice’s retreat exceeding five standard deviations from its normal fluctuations in the changing seasons.
In statistics, the standard deviation is a measure of the amount of variation of a random variable expected from its average value, which is usually described by the Gaussian, or “normal distribution”, curve. Typically, about half the events are within one standard deviation with up to 95% within two
Investment into green energy to
top $2 trillion in 2024 for first time – IEA
bne IntelliNews
The world now invests almost twice as much in clean energy as it does in fossil fuels, according to a report by the International Energy Agency (IEA), but there are major imbalances in investment, and emerging markets (EM) outside China account for only around 15% of global clean energy spending.
The report found that investment in solar PV now surpasses all other generation technologies combined. Also the integration of renewables and upgrades to existing infrastructure have sparked a recovery in spending on grids and storage.
Global energy investment is set to exceed $3 trillion for the first time in 2024, with $2 trillion going to clean energy
www.bne.eu
deviations. An event that is five standard deviations from the mean value is a significant outlier and right at the very edge of the normal distribution curve – what could be described as "almost off the chart."
“Last year was already the hottest on record as temperatures exceeded the long-term pre- industrial average benchmark by more than 1.5C in every month of the year in 2023”
“As if setting a global surface temperature record wasn't enough for one day, for the first time this year Antarctic sea-ice extent is more than 2 million km2 below the 1991- 2020 daily mean, now at -5.35 standard deviations,” climate observer Professor Eliot Jacobson said in a tweet.
Investment into green energy to top $2 trillion in 2024 for first time, with a quarter of that going into solar power alone. / bne IntelliNews
technologies and infrastructure. Investment in clean energy has accelerated since 2020, and spending on renewable power, grids and storage is now higher than total spending on oil, gas and coal.
China is the world’s green energy champion having produced more renewable energy in May alone than the rest of the world produced for the whole year in 2023. China is set to invest almost $680bn in 2024, supported by its large domestic market and rapid growth in the so-called “new three” industries: solar cells, lithium battery production and EV manufacturing.
The EU is in second place with $370bn invested into clean energy today, followed by the US investment in clean energy