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By ODDO BHF Asset Management
The final communiqué of COP 28 in December 2023 marks a historic turning point in the fight against global warming. By stressing the need to "'transition away from fossil fuels in energy systems" in the coming decades, oil, gas and coal were put on an equal footing and the importance of the coming decade for an accelerated reduction in greenhouse gas emissions was emphasized. To comply with the Paris Agreement, greenhouse gas emissions must be reduced by 43% by 2030 compared to 2019 and by 60% by 2035. This requires a tripling of global renewable energy capacity by 2030, which corresponds to an average annual growth rate of around 15%.
Achieving the ambitious targets will also require accelerating the development...
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