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Acting on the exit from fossil fuels at COP28 seems almost impossible. Yet, nothing else will allow us to limit the temperature rise to a bearable level, argues Katheline Schubert.

With a goal of reducing carbon dioxide emissions by 55% by 2030 and achieving carbon neutrality by 2050, Europe must equip itself to ensure a successful energy transition and catch up on the delays of recent years. From replacing fossil fuels to thermally insulating buildings, decarbonizing industrial production sites, and phasing out internal combustion engines in automobiles—how can Europe mobilize hundreds of billions of euros annually to finance such investments?

Sultan Al Jaber from the United Arab Emirates is optimistic: Following the decision of the World Climate Conference in Dubai, the President of COP28 believes it is still realistic for countries to achieve the Paris Climate goals by 2050. On Wednesday, they agreed to move away from fossil fuels such as coal, oil, and gas.

The oil and gas companies are being criticized for their inadequate contribution to the energy transition, according to a new report from the International Energy Agency (IEA). The report suggests that the oil and gas sector must significantly increase its commitment to clean energy, allocating half of its capital expenditures to clean energy by 2030, compared to the current 2.7%.

The United States and Canada have produced more oil and gas in 2023 than the Middle East. This has strengthened their market share and energy sovereignty against OPEC countries.

The robust performance of gas and crude oil prices this year, coupled with the soaring costs of renewable energy projects, has shifted the priorities of major European oil companies away from green investments. In 2023, the share of their investments allocated to renewable technologies is expected to decrease.

In a surprising turn of events, the stock prices of India's state-owned power company, NTPC, and the mining group, Coal India, have surged this year, contrary to the expected decline in the coal industry due to environmental concerns. NTPC's stock rose nearly 80%, outperforming the Indian stock market index's 17% gain, while Coal India gained 55%, marking one of its best years.

The competition for climate-neutral propulsion for container ships is intensifying, with shipping company Möller-Maersk launching its first ship powered by green methanol. The "Laura Maersk" is considered a significant step toward a carbon-neutral future for container shipping. It is powered by green methanol, an odorless alcohol that can be produced without CO2 emissions. Möller-Maersk aims to achieve climate neutrality by 2040 using this new fuel.

Heat Pumps for Heating Private Properties are now established - and they are becoming increasingly important in Industry and Commerce.

Tesla has secured approval from Chinese authorities for its plan to build a massive battery factory in Shanghai. The American electric vehicle manufacturer signed an agreement to acquire land in the outskirts of Shanghai for the facility, which will focus exclusively on producing "Megapacks"—large-capacity batteries housed in containers designed for energy storage to stabilize power grids. Construction is set to commence in early 2024, with operations starting by the end of the next year. The factory aims to achieve an annual production capacity of 10,000 Megapacks.

Air Liquide, in collaboration with Siemens Energy, plans to construct one of the world's largest hydrogen electrolyzers in Normandy, France, with a capacity of 200 megawatts (MW). Dubbed "Normand'Hy," the project aims to commence operations by 2026, contributing to the decarbonization of the Normandy industrial basin. The initiative aligns with Air Liquide's broader goal of achieving a total electrolysis capacity of 3 gigawatts (GW) by 2030.

A recent study commissioned by Greenpeace Central & Eastern Europe reveals that climate commitments and promises to transition to renewable energy from major European gas and oil companies do not correspond to reality. Discover the details of this analysis.