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Power plants in Klitten, Germany. Photo: Florian Gaertner/Photothek via Getty Images

The economic rationale for deeply decarbonizing the global economy is getting stronger even as evidence mounts that the worldwide energy system is nowhere near on pace to make that happen. Axios' Andrew Freedman reports on a new, peer-reviewed paper, which shows that meeting the more stringent global temperature targets in the Paris climate deal would save countries trillions of dollars in economic output, outweighing the costs of reducing emissions.

But, but, but: The same day that paper came out, the International Energy Agency released its latest data on global growth of low-carbon energy technology deployment. While IEA sees progress, they said that just four of 38 energy technologies and sectors they track are on pace to create a pathway that achieves a temperature rise of well below 2°C.

And this week, the World Bank released a new analysis of the worldwide growth of carbon pricing, which refers to emissions trading or taxes that many view as essential in the fight against warming.

  • Their report shows that worldwide, 51 pricing systems at the national, subnational or regional level are in place or scheduled to be implemented.
  • But while pricing is on the march, those initiatives would still cover just a fifth of global emissions.

Don't forget: Separate reports in recent months have concluded that global CO2 emissions actually rose in 2017, ending a three-year plateau.

The bottom line: No matter how many analyses pile up showing the benefits of steep emissions cuts, making them happen on a scale to avoid blowing past 2°C of warming target remains a steep, steep uphill climb.

Go deeper

CDC: Fully vaccinated people can gather indoors without masks

Photo: Filip Filipovic/Getty Images

People who have been fully vaccinated against COVID-19 can take fewer precautions in certain situations, including socializing indoors without masks when in the company of low-risk or other vaccinated individuals, according to guidance from the Centers for Disease Control and Prevention released Monday.

Why it matters: The report cites early evidence that suggests vaccinated people are less likely to have asymptomatic infection, and are potentially less likely to transmit the virus to other people. At the time of its publication, the CDC said the guidance would apply to about 10% of Americans.

Dan Primack, author of Pro Rata
40 mins ago - Economy & Business

Ripple CEO calls for clearer crypto regulations following SEC lawsuit

Illustration: Sarah Grillo/Axios

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by the SEC, it would put the U.S. cryptocurrency industry at a competitive disadvantage.

Why it matters: Garlinghouse's comments may seem self-serving, but his call for clearer crypto rules is consistent with longstanding entreaties from other industry players.

Republican Sen. Roy Blunt will not seek re-election in 2022

Photo: Alex Wong/Getty Images

Sen. Roy Blunt (R-Mo.), widely seen as a member of the Republican establishment in Congress, will not run for re-election in 2022, he announced on Twitter Monday.

Why it matters: The 71-year-old senator is the No. 4-ranking Republican in the Senate, and the fifth GOP senator to announce he will not run for re-election in 2022 as the party faces questions about its post-Trump future.