Zero: The Climate Race What happens to the energy transition with the US exiting the Paris Agreement?
11 snips
Jan 30, 2025 Albert Cheung, Deputy CEO of BloombergNEF, provides key insights into the shifting landscape of climate policy as the U.S. exits the Paris Agreement under President Trump. He discusses the surge in global clean energy investments, particularly driven by China, which now accounts for two-thirds of growth. Cheung also highlights the competitive dynamics of the energy transition and the impact of the U.S. withdrawal on international climate diplomacy, stressing the urgent need for action amidst worsening climate challenges.
AI Snips
Chapters
Transcript
Episode notes
US Exiting Paris Agreement: A Second Time
- The US withdrawing from the Paris Agreement for a second time has similarities and differences with the first withdrawal in 2017.
- Global climate action urgency has increased, but supportive world leaders are fewer.
Record Energy Transition Investment
- Global energy transition investment exceeded $2 trillion in 2024, a record high.
- China drove two-thirds of this growth, investing over $800 billion, surpassing the US, EU, and UK combined.
Three Phases of Energy Transition
- Albert Cheung describes three phases of energy transition: sacrifice, opportunity, and competition.
- Initially, nations viewed climate action as a sacrifice, but with decreasing renewable energy costs, it became an opportunity.