Electrification of the transport, buildings and industrial sectors in Europe could slash greenhouse-gas emissions by 60% between 2020 and 2050, says a report from BloombergNEF (BNEF) and power companies Statkraft and Eaton. But the authors are clear concrete action is needed from policy makers to make change happen. This could include  incentives or requirements to cut emissions from building heat, supporting demonstration projects for electrification and ironing out barriers to the production of green hydrogen.  Engaging energy consumers and civil society is also important, they state.

New investments by oil companies over the next five years could see their value plummet as much as 50% if policy makers undertake a sudden, and inevitable, shift to increase action to counter climate change, warns a report by Carbon Tracker Initiative. This abrupt “handbrake turn” — assessed in the report to occur in 2025 — will lead to a subsequent fall in oil prices and negative impact on the valuation of oil firms. The report finds US firms, led by ExxonMobil, are most exposed, and suggests investors insist on higher rates of return to reflect this risk.

Increased renewables, fuel switching and an uptick in nuclear power saw static emissions growth from energy last year, even as the global economy grew by 2.9%, says data from the International Energy Agency. Emissions from coal dropped 1.3% year-on-year, with the IEA saying the data suggests the energy transition is underway. Advanced economies saw their emissions decline by over 370 million tonnes (or 3.2%), with the power sector responsible for 85% of the drop. Mild weather drove down emissions by 150 million tonnes.