A collaborative road map for a low-carbon future
Amid growing recognition for the need to finance both the rapid deployment of renewables and an accelerated coal-managed phase-out, banks can step up to be part of the solution
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By Taimur Baig and Helge Muenkel
THE modern world runs on electricity. Fossil fuels – of which coal accounts for some 60 per cent – contribute to about 60 per cent of our electricity generation. Underscoring the long road ahead, the power sector makes up for a third of the world’s greenhouse gas emissions.
Numerous action plans and pledges have been made to enable a meaningful green transition and net-zero outcomes by 2050 or beyond. But achieving this goal remains an uphill task. Coal consumption hit a new high in 2022, due to Europe’s demand temporarily resurging amid the energy crisis following the war in Ukraine, while China and India pushed ahead with capacity addition.
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