2023
March
01
Wednesday

Monitor Daily Podcast

March 01, 2023
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Here’s some electrifying news: The world​’s investment in the transition toward​ low-carbon energy ​surpassed $1 trillion ​for the first time ​in 2022​, according to a recent analysis by the research group Bloomberg New Energy Finance.

​The record amount also represents a big acceleration from the year before​ – and comes despite the way Russia’s invasion of Ukraine roiled traditional energy markets.​ China led the charge, followed by the European Union, the United States, and other nations.

The trend has broad public support in the U.S. and beyond.

In Europe, the progress includes surging purchases of electric vehicles and heat pumps for residential air and water.

In the U.S., last year’s Inflation Reduction Act includes funding and incentives for a similar surge. Between that new money and the affordability of renewable power sources, the result could be a reduction of economywide greenhouse gas emissions 50% below 2005 levels by 2030. That, in turn, would keep a longer-term commitment within reach: net-zero emissions by 2050.

But “we’re not going to achieve [this] if we don’t clear the way,” says Lori Bird, director of the U.S. energy program at the World Resources Institute in Washington.

That’s because the next step would be to double the pace of both power and transmission-line expansion, yet many energy projects are hitting delays. Ms. Bird and colleague Katrina McLaughlin have been thinking about how to ease the logjam. For one thing, they recommend enlisting community engagement and identifying community benefits early in project development, to address “not in my backyard” opposition. Other steps they propose could reduce bureaucratic slowdowns.

The benefits will be broad-ranging, Ms. Bird adds, even for people who don’t have climate change as their top priority.

“This is important at the local level because of the impacts that we’re seeing from climate change,” such as stronger hurricanes and wildfires, and extreme heat, she says. Then there’s improved air quality, and the promise that strengthening electric grids will make them more reliable and bring energy costs down over time. “It’s economically beneficial,” Ms. Bird says. “It creates jobs in communities.”


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Today’s stories

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J. Scott Applewhite/AP
Members of the newly formed House select committee on China gather ahead of a prime-time hearing Tuesday, at the Capitol in Washington, Feb. 28, 2023. From left are Rep. Carlos Gimenez, R-Fla.; Rep. Rob Wittman, R-Va.; Chair Mike Gallagher, R-Wis.; and Rep. Neal Dunn, R-Fla.
Jung Yeon-je/AP
South Korea’s President Yoon Suk Yeol (center left) and his wife Kim Keon-hee (center right) give three cheers during a ceremony of the 104th anniversary of the March 1st Independence Movement Day against Japanese colonial rule, in Seoul, March 1, 2023.
Martin Mejia/AP
Relatives of protesters killed in clashes with police hold photos of their loved ones during a press conference in Lima, Peru, on Feb. 23, 2023.

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A girl walks by a mural that shows Serbian, left, and Russian coat of arms, in Belgrade, Serbia, March 1.

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Issei Kato/Reuters
Visitors to a park in Tokyo enjoy plum trees in full bloom on March 1, 2023. In Japan, plum blossoms often symbolize perseverance and strength because plums are the first flowering trees to appear as the cold of winter yields to warmer spring days. Cherry trees – like those that circle Washington's Tidal Basin, a gift from Japan in 1912 –  typically bloom just a few weeks later.
( The illustrations in today’s Monitor Daily are by Jacob Turcotte. )

A look ahead

Thanks for joining us today. Coming in our lineup for tomorrow: Fox News, and how questions of accountability in election coverage are surfacing.

Also, remember you can check the First Look section of our website for additional news. Today’s items include the Supreme Court on student loan forgiveness, plus a report that adds to controversy over the pandemic’s origins. 

More issues

2023
March
01
Wednesday
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