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Economic Viewpoint

The Energy Transition Is Accelerating, but Not Quickly Enough

December 5, 2023
Marc-Antoine Dumont
Senior Economist

A growing number of countries have stepped up their decarbonization efforts in recent years. The US has introduced the Inflation Reduction Act, the European Union has advanced green energy projects and Canada has raised its carbon tax. But will these initiatives be enough to put the planet on the path to net zero by 2050? The way things look right now, most sectors won’t be able to meet that target, despite promises to build more wind farms, battery manufacturing plants and new mines by 2030. But this doesn’t mean that all hope is lost. In fact, there are a lot of promising opportunities on the horizon for countries that are willing and able to seize them.