Al Gore, former US vice president and co-founder of Generation Investment Management, told Reuters that the world is at a “positive tipping point” in the fight against climate change, as rising oil and gas costs push governments to decarbonise faster. Inspires.
He pointed to the Inflation Reduction Act signed in August, a $430 billion bill seen as the largest climate package in US history, as well as a 43% cut in carbon emissions by 2030 by Australia earlier this month. And it was resolved to zero zero by 2050. ,
Gore said he also expected Brazil to change its policy on climate after an impending election and that China would re-establish talks with US President Joe Biden at the November G-20 summit in Indonesia.
He said he was, however, concerned about moves by some countries to increase fossil fuel production in the event of a war in Ukraine – what Russia calls a “special military operation” – which has driven up oil and gas prices.
“There is no such thing as a clean fossil fuel, just as there is no such thing as a healthy cigarette,” Gore said. “We don’t want to see the kind of investment in fossil fuel infrastructure that a) will not alleviate the short-term problem and b) guarantee higher emissions levels for decades to come.
“There are signs absolutely everywhere around the world” that the pace of change is accelerating, he said, adding that the need to act was also driven by inclement weather events.
“Mother Nature has joined the discussion about the climate crisis,” Gore said, citing the heat in China, floods in Pakistan and drought in Europe.
Gore, America’s vice president from 1993 to 2001, is best known for advocating for climate change with the 2006 Oscar-winning documentary “An Inconvenient Truth” and the 2017 sequel, In which climate change struggle is a moral battle.
A co-winner of the Nobel Peace Prize for his climate campaign, he is the chairman of Generation Investment Management, a London-headquartered firm focused on sustainable investment and research in both public and private markets.
Among the steps being taken to accelerate the energy transition, some governments have chosen to replace existing fossil fuel plants that still have a remaining lifetime as renewable electricity becomes cheaper, he said, while others are using fossil fuels. Looking to ban fuel-powered cars and trucks. ,
“At a time when technology … provides three times as many jobs per invested dollar as investments in fossil fuels, this all adds up to a very positive, obvious tipping point for me.”
In Generation’s latest Annual Sustainability Trends report published Wednesday, the company said annual investments in the clean economy were on track to exceed $1 trillion over the next few years.
While this is still below the levels needed to limit global warming to 1.5 °C above the pre-industrial average, it said it was rising “at a rapid clip”.