The world is still 80% dependent on fossil fuels after investing $10 trillion in renewables and grids

“If capacity targets are met and the grid is further decarbonised, CO2 emissions would fall. However, they would not reach the “holy grail” of decarbonization” according to a JP Morgan report.

The decarbonisation of energy use will be a gradual process. After $6.3 trillion spent on renewables and another $3.3 trillion spent on power grids since 2005, global energy use is still about 80% dependent on fossil fuels, from a low of 70% in Europe to 86% in emerging markets except China.
This is reflected in the 13th annual report Eye on the Market Energy: “Growing Pains: The Renewable Transition in Adolescence” by Michael Cembalest, president of Market and Investment Strategy at JP Morgan Asset & Wealth Management.

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