We’ve hit a climate tipping point, but leaders seem unlikely to act

Nearly two years ago, at the COP28 climate summit in the heart of the oil state of the United Arab Emirates, governments pledged to begin a “fossil fuel transition in energy systems” in a bid to achieve net-zero emissions by 2050. Since then, the share of energy generated by fossil fuels worldwide has remained stubbornly above 80 percent, as it has been for decades.

Researchers now believe that, as a result of our failure to decarbonize, we have triggered the first of the Earth's “tipping points” – moments when we have changed the climate so much that it can never fully recover. ocean water it is now so warm that the world's coral reefs are at risk of widespread extinction (see page 9).

What is slowing down the energy transition? There are no easy answers to this question, but it is often repeated that only a handful of companies, mostly fossil fuel companies, are responsible for the vast majority of emissions. Such statements are open to criticism because they place the blame on someone other than us, the clients, who are using their energy.

However, it would be fair to point the finger at oil and gas companies that trumpet their environmental ambitions but fail to achieve them. Many of these companies tout their investments in renewable energy, but the reality is that they have made almost no contribution to what we believe is the future of energy generation (see page 16).

Unfortunately, the situation looks set to get worse before it gets better. Encouraged by the Trump administration, many oil and gas companies have pledged to increase production, while major players in other industries such as the technology sector are downplaying their net-zero promises.

Next month, governments will meet again to discuss climate policy, this time at COP30 in Brazil – well, sort of. The US is unlikely to attend the event and British Prime Minister Keir Starmer has yet to confirm his participation. At this point, it is reasonable to wonder whether any of our political or business leaders take the threat of climate change seriously. If so, they should start acting accordingly.