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Image via DNV Energy Transition Outlook

A multidecade energy outlook from the consultancy DNV finds that COVID has not been a turning point on climate.

Why it matters: "[F]rom an energy transition perspective, the pandemic has been a lost opportunity," they write.

"Recovery packages have largely focused on protecting rather than transforming existing industries."

The big picture: The projection sees surging clean energy and a long-term decline in fossil fuels, but not enough to meet Paris Agreement goals.

  • They conclude coal use has peaked. Oil is rebounding and reaches pre-pandemic levels around 2025, but then declines to 55% of current levels by 2050.
  • Natural gas will grow this decade, stay flat in the 2030s and then decline only slowly.

The bottom line: There's a "very short window to close the gap" between current trajectories and Paris, which aims to limit temperature rise to under 2°C above preindustrial levels and ideally 1.5°C.

Absent stronger action, they project the increase to reach 2.3˚C by 2100 — far below worst-case outcomes, but a level slated to bring highly destructive effects.

Go deeper

Bill Gates' TerraPower to build $4B nuclear power plant in Wyoming

TerraPower chair Bill Gates at an October event in London. Photo: Leon Neal - WPA Pool/Getty Images

TerraPower, the Bill Gates-founded nuclear power venture, announced Tuesday plans to replace a Wyoming coal-fired power station with a $4 billion advanced reactor demonstration project.

Why it matters: Roughly half of the project's funding will come from the U.S. government, including $1.5 billion from the infrastructure bill that President Biden signed into law this week, per an emailed statement from Energy Secretary Jennifer Granholm.

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

Judge temporarily blocks Biden vaccine mandate for federal contractors

Photo: Chip Somodevilla via Getty Images

A federal judge on Tuesday temporarily blocked President Biden's vaccine mandate for federal contractors nationwide.

Why it matters: It's the latest setback in the Biden administration's rollout of COVID-19 vaccine requirements. Federal judges in two states temporarily barred the administration from enforcing mandates for millions of workers last week.