EC – Global Energy and Climate Outlook, 2023

The European Commission's Joint Research Centre has published the Global Energy and Climate Outlook (GECO) for 2023, which provides an updated analysis of the impact of energy and climate policies worldwide. The report indicates that global emissions are expected to reach their highest point in the current decade. However, if additional policies are not implemented, the world could be on a path towards a long-term temperature increase of 3°C. The report emphasizes that the current decade is crucial for achieving the target of limiting global temperature rise to 1.5°C. GECO 2023 highlights the investment requirements for this scenario, stressing the need for accelerated decarbonization efforts in all sectors of the economy. Specifically, investments in the energy sector must triple during this decade, with energy efficiency rates doubling and renewable energy deployment reaching 11 TW by 2030. Furthermore, the report suggests that these transitions will have positive spill-over effects, stimulating investment and employment across various industries, such as construction and electrical and equipment goods manufacturing. Overall, GECO 2023 underscores the urgency and importance of implementing ambitious policies and investing in clean energy solutions to address the challenges of climate change and achieve the 1.5°C target.