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CAPGEMINI ’ S WEMO REPORT : PARIS AGREEMENT GOALS ARE NO LONGER ACHIEVABLE BUT NET ZERO STILL IN SIGHT
Despite impressive strides in 2023 and positive projections for 2024 , the pace of renewable development isn ’ t fast enough . Addressing the complexity of energy transition challenges will require new market mechanisms encouraging further innovation , choosing appropriate measures and accelerating public and private investment in low-carbon technologies and the power grid .
Capgemini has published the 26th edition of its annual World Energy Markets Observatory ( WEMO ), created in partnership with Hogan Lovells , Vaasa ETT and Enerdata .
The report takes stock of the current state of the energy transition . Despite progress being made , greenhouse gas ( GHG ) emissions are continuing to increase , reaching a new record high of 37.4 billion tonnes ( Gt ) in 2023 , confirming that the path to the reach Paris Agreement ’ s objectives is not on track .
The report provides insights on what the key focus areas would need to be , moving forward , to address the complex energy transition challenges , including a change in the measurement of clean energy progress , as well as accelerated investment in the power grid and clean technologies .
Despite progress being made , greenhouse gas ( GHG ) emissions are continuing to increase , reaching a new record high of 37.4 billion tonnes ( Gt ) in 2023 , confirming that the path to the reach Paris Agreement ’ s objectives is not on track .
James Forrest , Global Energy Transition & Utilities Industry Leader at Capgemini , said : “ Despite a historical spike in renewable penetration , the pace of development isn ’ t fast enough to close the gap .
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