The peak of coal and gas must occur now and their consumption must plummet from 2025 onwards

Otherwise, BNEF warns that the world is heading towards global warming of 2.6°C

While time is of the essence, BloombergNEF’s New Energy Outlook 2024 report shows how the world could still achieve the main goal of the Paris Agreement – keeping global warming well below two degrees Celsius and avoiding the worst effects of climate change – and what it would take to achieve it. The new report indicates that the speed at which clean technologies are scaled up and the decarbonization of the electricity sector is crucial. The New Energy Outlook 2024 report, published by research provider BloombergNEF, presents two updated climate scenarios, the Net Zero Scenario (NZS) and a base-case Economic Transition Scenario (ETS), designed to inform public policymaking, countries’ climate ambition, and the low-carbon transition strategies of companies and financial institutions.

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