Photo: Sean Gallup/Getty Images

A much larger investment in deployment of existing energy efficiency technologies and stronger policy measures would enable major progress toward meeting the goals of the Paris climate deal, the International Energy Agency said in a new report.

Why it matters: Nothing of the sort is happening right now, and in fact progress in energy efficiency is slowing, IEA warned.

What they found: The report lays out an "efficient world scenario" (EWS) — one that enables in gains in buildings, transportation, industry and buildings — to help energy-related emissions peak in 2020 and then fall significantly.

"Our study shows that the right efficiency policies could alone enable the world to achieve more than 40% of the emissions cuts needed to reach its climate goals without requiring new technology."
Fatih Birol, IEA executive director, via statement

By the numbers: The scenario envisions global investment of $584 billion annually through 2025, rising to $1.3 trillion annually in 2026–2040 — but nothing on that scale is happening today.

  • In fact, the report finds that expansion of conservation policies — such as incentives and efficiency standards —has slowed.
  • Global energy efficiency investment grew by 3% to $236 billion last year. That's far, far below the levels in the EWS scenario.
Screenshot of chart in IEA report "Energy Efficiency 2018"

And as seen in the chart above, there's been higher energy demand growth in the last year than in the recent past.

Put it all together and global energy intensity — an efficiency metric based on energy used per unit of GDP — fell by its smallest amount since 2010 last year, IEA said.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.