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The energy system transformation is underway. Policies sparking innovation are tipping the balance toward low-carbon sources of energy, however time is not on our side. In order to meet rising energy demand, the market needs more specific, ambitious targets and robust implementation. An emissions goal would give greater clarity and certainty to the energy sector, strengthening the case for R&D investment and technology transfer.

The world’s carbon budget is shrinking and renewables are becoming the largest source of new power generation capacity. Backed by continued policy support, renewables are expected to overtake coal to become the largest global power source by 2030. However, renewable growth is currently not enough to meet demand. Fortunately, growth can be accelerated to meet climate goals through enhanced domestic policies, such as the recent US decision to extend the renewable tax credit.

For oil and gas, innovation gains can be offset by the move to more complex fields without a regulatory framework in place and a stable, predictive policy support are needed to ensure investments in low-carbon technologies.

Companies that do not anticipate stronger energy and climate policies risk being at a competitive disadvantage.

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