Staggering Increase in Global Temperatures Sparks Concerns of Climate Migration
The world has witnessed a significant rise in average temperatures, despite the anti-climate change propaganda pushed by fossil fuel companies. According to NASA, the global average temperature has increased by 0.89 degrees Celsius since the 1950s, with a sharp acceleration observed after the 1980s. In a concerning development, global temperatures reached their highest daily average ever recorded in July 2023, hitting 17.24 degrees Celsius. These extreme temperatures have resulted in heatwaves, wildfires, and heavy rainfall, causing widespread havoc.
The Institute for Economic and Peace (IEP), an international think tank, predicts a surge in climate migration in the coming decades. It is projected that 1.2 billion people may be displaced globally by 2050 due to the warming climate. In response to this alarming rise in temperatures, governments worldwide are finally taking action to address climate change, regardless of the costs involved. Last year, President Biden issued an executive order aiming to reduce emissions by 65% by 2030, with the ultimate goal of achieving a net-zero U.S. economy by 2050. Additionally, 24 U.S. states, which account for 40% of the entire economy, have set their own net-zero objectives.
The European Union has committed to achieving net-zero emissions by 2050 and has recently introduced additional measures to reach this target. One such measure is a proposal to eliminate 90% of carbon dioxide (CO2) emissions from the trucking and public transportation sector by 2040. China, a significant contributor to emissions, publicly declared in mid-2022 its ambition to reach net-zero status by 2060 and has outlined a three-step roadmap to achieve this goal. While these efforts are commendable, they come a bit too late in the face of record-breaking temperatures, and more needs to be done to ensure governments meet their ambitious net-zero targets in the coming years.
According to McKinsey, the U.S. must reduce emissions by 6% per year, which is approximately 10 times faster than the average annual reduction of the past decade, in order to meet its 2030 targets. This translates to a 50% reduction over the next eight years. The urgency of the situation has prompted governments to allocate trillions of dollars towards building clean energy infrastructure and subsidizing households to transition to low-carbon alternatives. Between 2020 and April 2023, global government clean energy support has increased tenfold, while energy affordability spending has risen nearly fourfold.
President Biden’s Inflation Reduction Act (IRA) included approximately $400 billion in energy and climate provisions, including tax credits for electric vehicles (EVs) and clean energy projects. The renewed focus on hydrogen as a key power source has also gained momentum. The White House recently announced a historic $7 billion funding program by the Department of Energy to support the development of regional clean hydrogen hubs across the nation. The Macquarie group believes that President Biden has secured the future of green hydrogen as a major energy source.
In Europe, the EU-wide Hydrogen Strategy program was implemented in July 2020 to facilitate the transition to a hydrogen-based energy mix, targeting a share of 13-20% by 2050. This was followed by the establishment of the European Hydrogen Bank in 2022, which aims to fund €3 billion worth of support and investments related to the hydrogen market. The demand for hydrogen is set to play a crucial role in various sectors, including transportation, industry, and residential heating, as governments prioritize cleaner and zero-emission fuel sources.
As the world intensifies its efforts to combat climate change, the hydrogen market is poised for rapid growth. The costs of fuel cell vehicles and green hydrogen products have significantly decreased, marking the beginning of a new era in fuel cells. The race against climate change is gaining momentum, and hydrogen is emerging as a key player in the transition to a sustainable future.
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