According to the report, the crisis has put immediate pressure on governments around the world to tighten policies to protect themselves for the worst case scenario. This could also lead to better research and development into alternate energy sources.
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A new energy security paradigm is needed to maintain reliability and affordability while reducing emissions.
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The world needs to avoid new vulnerabilities arising from high and volatile critical mineral prices or highly concentrated clean energy supply chains.
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Full achievement of all climate pledges would move the world towards safer ground, but there is still a large gap between today’s ambitions and a 1.5 °C stabilisation.
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Investments in clean electricity and electrification, along with expanded and modernised grids are needed to offer clear and cost-effective opportunities to cut emissions more rapidly while bringing electricity costs down from their current highs.