{"id":65408,"date":"2024-11-26T09:15:40","date_gmt":"2024-11-26T17:15:40","guid":{"rendered":"https:\/\/energi.media\/?p=65408"},"modified":"2024-11-26T09:15:40","modified_gmt":"2024-11-26T17:15:40","slug":"fossil-fuel-generation-peaking-but-corporate-backtracking-threatens-climate-goals","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/fossil-fuel-generation-peaking-but-corporate-backtracking-threatens-climate-goals\/","title":{"rendered":"Fossil fuel generation peaking, but corporate backtracking threatens climate goals"},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/www.theenergymix.com\/fossil-fuel-generation-peaking-but-corporate-backtracking-threatens-climate-goals\/\" target=\"_blank\" rel=\"noopener\">The Energy Mix<\/a> on Nov. 26, 2024.<\/em><\/p>\n<p><em><strong>By Tova Gaster<\/strong><\/em><\/p>\n<p>Half of the world\u2019s economies, 107 of them, are past peak fossil fuel use for electricity due to growing renewable generation, new analysis concludes.<\/p>\n<p>The decline of coal, oil, and gas is on the horizon,\u00a0<a href=\"https:\/\/ember-energy.org\/latest-insights\/progress-since-cop28-on-transitioning-away-from-fossil-fuels\/\">predicts<\/a>\u00a0energy think-tank Ember, citing its new findings that 78 of the 107 post-peak economies replaced fossil power with clean energy, 49 of them despite rising power demand.<\/p>\n<div class=\"jeg_custom_content_wrapper single-post-content \">\n<div class=\"entry-content no-share\">\n<div class=\"content-inner\">\n<div class=\"wpb-content-wrapper\">\n<p>But even with power sector emissions expected to decline as fossil fuels wane, the oil and gas sector remains a significant challenge, with several major companies rolling back their climate commitments as markets continue to reward them for prioritizing extraction.<\/p>\n<h2 class=\"wp-block-heading\">Fossil Fuel Use to Peak, Then Decline<\/h2>\n<p>\u201cThe latest renewables trends mean the world is nearing a turning point\u2014at least in the power sector\u2014where fossil demand starts to decline,\u201d\u00a0<a href=\"https:\/\/ember-energy.org\/latest-insights\/progress-since-cop28-on-transitioning-away-from-fossil-fuels\/\">writes<\/a>\u00a0Dave Jones, Global Insights Program Director at Ember.<\/p>\n<p>The London, UK-based think tank\u00a0<a href=\"https:\/\/ember-energy.org\/latest-insights\/global-electricity-review-2024\/the-big-picture\/#past-the-peak-a-new-era-of-falling-power-emissions\">attributes<\/a> declining fossil fuel use amid rising power demand to added solar and wind, which reduced fossil generation by an estimated 22 per cent from what it would have otherwise been. In 2023, solar capacity additions rose 74 per cent from 2022 levels, while wind rose 47 per cent, gaining ground in the clean energy transition.<\/p>\n<p>Ember looks to China\u2019s rising renewable capacity as a sign of a global energy shift, as China\u00a0<a href=\"https:\/\/ember-energy.org\/latest-insights\/wind-targets-are-achievable-but-fall-short-of-a-tripling\/\">installed<\/a>\u00a0about two-thirds of all the solar panels and wind turbines in 2023, with coal on the decline.<\/p>\n<p>Ember predicted fossil fuel use would peak in 2023, with emissions declining in 2024. However, emissions rose in 2024, which Jones attributes to lower-than-expected global\u00a0<a href=\"https:\/\/www.theenergymix.com\/canadas-hydropower-wanes-amid-historic-hot-dry-conditions\/\">hydropower capacity\u00a0<\/a>due to\u00a0<a href=\"https:\/\/www.theenergymix.com\/drought-costs-u-s-hydropower-billions-while-increasing-emissions-study-finds\/\">drought<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">Renewables Grow, Corporate Climate Commitments Shrink<\/h2>\n<p>Despite the growth in renewables, emissions from fossil fuels reached record highs in 2024,\u00a0<a href=\"https:\/\/www.carbonbrief.org\/analysis-global-co2-emissions-will-reach-new-high-in-2024-despite-slower-growth\/#:~:text=The%202024%20Global%20Carbon%20Budget%20finds%20that%20CO2%20emissions%20from,previous%20record%2C%20set%20last%20year.\">reports<\/a>\u00a0Carbon Brief. That was largely due to continuing demand for oil and gas, combined with a lack of corporate regulation from countries within the Organisation for Economic Co-operation and Development (OECD).<\/p>\n<p>Top oil and gas companies, including BP, pivoted towards renewables after prices plunged during the pandemic, but rebounding oil and gas prices in 2024 changed their tune,\u00a0<a href=\"https:\/\/www.nytimes.com\/2024\/11\/18\/business\/energy-environment\/cop-oil-gas-green-energy.html\">reports<\/a>\u00a0the New York Times. BP\u00a0<a href=\"https:\/\/www.nytimes.com\/2020\/08\/04\/business\/energy-environment\/bp-renewable-investment.html\">pledged in 2020<\/a>\u00a0to reduce oil and gas production, but\u00a0<a href=\"https:\/\/www.nytimes.com\/2023\/02\/07\/business\/bp-oil-gas-profits.html\">backtracked<\/a>\u00a0three years later\u2014after\u00a0<a href=\"https:\/\/www.nytimes.com\/2023\/02\/01\/business\/energy-environment\/exxon-chevron-oil-gas-profit.html\">reporting<\/a>\u00a0record profits.<\/p>\n<p>\u201cIf you look at the relative shareholder returns, the market\u2019s been sending a very clear signal that it wants energy companies to focus on their core competencies,\u201d Mark Viviano, a managing partner at Kimmeridge, an energy investment firm based in Denver and New York, told the Times<em>.<\/em>\u00a0\u201cThat doesn\u2019t mean abandoning the energy transition, but it just means being more pragmatic about it.\u201d<\/p>\n<h2 class=\"wp-block-heading\">Policy and Global Response<\/h2>\n<p>Canadian businesses across industries are also backsliding in their climate commitments, found a survey by the Montreal-based Business Development Bank of Canada (BDC). Sustainable Biz\u00a0<a href=\"https:\/\/sustainablebiz.ca\/canadian-companies-struggle-climate-goals-reality-surveys\">reports<\/a>\u00a0that carbon offsetting, third-party carbon tracking, and corporate policies to reduce air travel all marginally declined from 2022 to 2023.<\/p>\n<p>But even when they\u2019re sustained, those nominal commitments aren\u2019t making an impact,\u00a0<a href=\"https:\/\/www.ox.ac.uk\/news\/2024-11-13-climate-policy-monitor-reveals-net-zero-regulations-surge-globally-implementation\">according to<\/a> a new monitoring tool from Oxford University\u2019s Climate Policy Monitor. Companies worldwide have seen a 23 per cent increase in net-zero pledges, but global emissions continue to rise amid an implementation gap.<\/p>\n<p>The findings suggest that voluntary pledges don\u2019t work,\u00a0<a href=\"https:\/\/www.ox.ac.uk\/news\/2024-11-13-climate-policy-monitor-reveals-net-zero-regulations-surge-globally-implementation\">states<\/a>\u00a0a Climate Policy Monitor media release. \u201cFollowing a groundswell of voluntary net-zero targets by companies, regulators are increasingly introducing mandatory rules underpinned by widely endorsed standards,\u201d co-lead Dr. Thom Wetzer said. \u201cGlobally operating businesses will have to navigate that reality, even as the Trump administration may attempt to reverse United States climate policy.\u201d<\/p>\n<p>The growth in renewable energy and energy storage that Ember and others have been documenting is part of the picture, but \u201cgovernment policy needs to extend beyond just renewables, else the transition away from fossil fuels could be very slow indeed,\u201d writes Jones.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"climate-news-network\"><\/div>\n<div class=\"canadian-press\"><\/div>\n<div class=\"ccnow\"><\/div>\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by The Energy Mix on Nov. 26, 2024. By Tova Gaster Half of the world\u2019s economies, 107 of them, are past peak fossil fuel use for electricity due to growing renewable <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/fossil-fuel-generation-peaking-but-corporate-backtracking-threatens-climate-goals\/\" title=\"Fossil fuel generation peaking, but corporate backtracking threatens climate goals\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":65409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[41,80,14,2899,96],"class_list":{"0":"post-65408","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-energy","9":"tag-environment","10":"tag-featured","11":"tag-peak-oil","12":"tag-renewable-energy"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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