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Wind turbines photographed off the coast of Wales. Clean energy investment could be on course to exceed $2 trillion per year by 2030, according to the International Energy Agency.

Ben Birchall | PA Images | Getty Images

Clean energy investment could be on course to exceed $2 trillion per year by 2030, an increase of over 50% compared to today, according to analysis from the International Energy Agency.

The projection is found within the Paris-based organization’s World Energy Outlook 2022, which was published on Thursday morning.

It’s based on the IEA’s Stated Policies Scenario, which factors in what it calls “the latest policy settings worldwide.”

Despite this increase, the IEA repeated its assertion that clean energy investment would still need to hit over $4 trillion by 2030 in its Net Zero Emissions by 2050 Scenario.

This, the IEA’s report said, highlighted “the need to attract new investors to the energy sector.”

More from CNBC Climate:

The shadow of 2015’s Paris Agreement looms large over the IEA’s report.

The landmark accord aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.”

Cutting human-made carbon dioxide emissions to net-zero by 2050 is seen as crucial when it comes to meeting the 1.5 degrees Celsius target.

The newest edition of the World Energy Outlook comes at a time of significant uncertainty and volatility in global energy markets.

Read more about energy from CNBC Pro

According to Fatih Birol, the IEA’s executive director, the changes taking place appear to be seismic ones.

“Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” he said. “Even with today’s policy settings, the energy world is shifting dramatically before our eyes.”

Birol added, “Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable and more secure energy system.”

Peak demand for coal, gas and oil?

In a statement accompanying the report’s release, the IEA said its Stated Policies Scenario had “global demand for every fossil fuel exhibiting a peak or plateau.”

Under this outlook, “coal use falls back within the next few years, natural gas demand reaches a plateau by the end of the decade, and rising sales of electric vehicles … mean that oil demand levels off in the mid-2030s before ebbing slightly to mid-century.”

The IEA’s statement also noted, however, that there was a huge amount of work to be done in order to keep global warming to 1.5 degrees Celsius.

Under its Stated Policies Scenario, fossil fuels’ share in the planet’s energy mix would be a little over 60% by the middle of this century.

“Global CO2 emissions fall back slowly from a high point of 37 billion tonnes per year to 32 billion tonnes by 2050,” it added.

“This would be associated with a rise of around 2.5 °C in global average temperatures by 2100, far from enough to avoid severe climate change impacts.”

The above echoes a separate report published by U.N. Climate Change this week.

In an announcement Wednesday, the U.N. said that “the combined climate pledges of 193 Parties under the Paris Agreement could put the world on track for around 2.5 degrees Celsius of warming by the end of the century.” 

U.N. Climate Change said its new report also showed that countries’ pledges, as they stand now, would see emissions jump by 10.6% by the year 2030, compared to levels in 2010.

The U.N.’s analysis comes ahead of next month’s COP27 climate change summit in Sharm el-Sheikh, Egypt.

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I got my wife an electric bike that’s faster than cars. Here’s why

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I got my wife an electric bike that's faster than cars. Here’s why

A couple years ago, my wife started a new job as an elementary school principal. It was an exciting milestone, but it also came with a stressful commute. The school isn’t far – just a few kilometers across the city – but during rush hour, taking the bus often meant sitting in gridlock for 45 minutes. Not exactly the best way to start or end a workday.

So we got her an electric bike.

Not just any e-bike, either. She picked out a sleek little folding model called the Rayvolt Exxite XS. It’s light, stylish, easy to ride, and best of all, it doesn’t take up much space at home or at school.

But here’s the kicker: it only goes 25 km/h (15.5 mph). It doesn’t even have a throttle. You have to pedal it, you know, like a neanderthal.

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And yet… it’s faster than cars. A lot faster.

Her commute now takes about 10 minutes. Maybe 12 minutes if she catches a few red lights. She zips past long lines of idling cars, breezes down bike lanes, and parks right at the school entrance. No searching for a parking space. No waiting for late buses. No moving so slow that you can clearly see a piece of gum stuck on the road. Just hop on and go.

In raw numbers, her commute time has been cut by more than 75%. Now she’s easily traveling 3-4x faster than a car or bus.

And the only thing that changed was swapping four wheels for two – and ditching the idea that the “faster” vehicle is always the one with more horsepower and an extra few thousand kilos to lug around.

She went with something of a sleek-looking e-bike, but anyone could get the same or better performance from a simple, mass-market e-bike like a $999 Lectric XP4, all for a few months of car payments or nearly a year of bus riding. This isn’t expensive stuff. In fact, it’s cheaper, it saves time, and it’s more fun.

In cities choked with traffic, a modest Class 1 e-bike like hers can be 3–4 times faster than driving. Not because it’s a speed machine (it’s not), but because cars are stuck. Stuck behind other cars. Stuck behind buses. Stuck behind the myth that they’re the only real way to get around.

The bike’s other benefits aren’t lost on her either. She gets a bit of exercise every day to help keep her in shape. She gets fresh air. She gets to actually experience our amazing city instead of watching it go by through a window. And she arrives at school with a smile instead of a headache.

At school, she parks in a guarded area. Back home, she can easily take her bike right up to our apartment in the elevator. It’s no muss, no fuss, easy breezy beautiful e-bike girl.

So yeah, I got my wife an e-bike that’s faster than cars. It didn’t take 1,000 watts or some monster battery pack. It just took rethinking what speed really means in a city.

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Mercedes says the GLC EV ‘redefines’ the brand with a new face, but what is that?

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Mercedes says the GLC EV 'redefines' the brand with a new face, but what is that?

The best-selling Mercedes-Benz SUV is going electric, and it’s bringing a new style with it. Mercedes promises the new GLC EV “redefines” the face of the luxury brand. Here’s our first look.

Mercedes previews flashy new face with the GLC EV

We will get our first look at the new electric SUV in a little over a month at the Munich Motor Show. Ahead of its official debut, Mercedes has been hyping the GLC EV up as what could be one of its most important vehicles (EV or gas) to date.

The GLC is already the best-selling Mercedes SUV globally and in the US, but the luxury automaker is promising the electric version will take it to the next level.

“Our new iconic grille is not just a new front for the GLC, it redefines the face of our brand,” according to Gorden Wagener, Mercedes’ chief design boss. Wagener says the new look is “the perfect fusion” of lasting design (and more LED lights) that will be used on upcoming vehicles.

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Mercedes-GLC-EV-face
The new Mercedes GLC EV prototype (Source: Mercedes-Benz)

The new electric GLC will be the first to showcase the new face. Mercedes gave us a sneak peek of it on Monday, revealing the revamped grille design.

When you pass by the iconic three-point star, you know it’s a Mercedes-Benz vehicle. For over 100 years, the chrome grille has been the face of nearly every model.

Mercedes-GLC-EV-face
Mercedes-Benz CEO Ola Källenius with the new GLC EV (Source: Mercedes-Benz)

Although it’s been updated and evolved, this is its most extreme redesign yet. The new grille is bold and wide. Again, you won’t be missing this one when it drives by.

After adopting a more “EV-look” with the closed-off grille in its first-gen electric vehicles, Mercedes is reverting to a more traditional luxury design, similar to that of Cadillac or BMW, with a chunky, wide chrome grille. An illuminated version will also be available, featuring 942 backlit dots.

Mercedes-GLC-EV-face
The new Mercedes GLC EV will showcase a new face (Source: Mercedes-Benz)

Mercedes says the optional high-tech pixel design can even be animated to bring the electric GLC to life.” The iconic star and border of the panel are also illuminated.

The GLC EV is the first of a new family of vehicles that will feature its advanced new MB.OS supercomputer alongside the updated design.

Mercedes-GLC-EV-debut
Mercedes GLC EV prototype with EQ Technology testing in Sweden (Source: Mercedes-Benz

Mercedes is also promising an optional new MBUX HYPERSCREEN, “elevates the interior of the new GLC in a way never seen before.” We will get our first official look at the new Mercedes GLC EV on September 7 at the Munich Motor Show.

The luxury automaker says the event will mark the beginning of a new era with its largest product launch yet. In addition to the electric GLC debut, Mercedes will hold the world premiere for the new CLA EV, CLA Shooting Brake, and Concept AMG GT XX. Check back soon for more updates leading up to the event.

What do you think of the new face of Mercedes? Are you a fan? Or should the luxury brand go back to the chalkboard again? Let us know your thoughts in the comments.

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Costco EV Marketplace celebrates six-month milestone with fresh deals

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Costco EV Marketplace celebrates six-month milestone with fresh deals

Costco’s EV Marketplace hopes to guide its members through every step of their electrification journey with helpful articles, insights, and resources. The online resource gas just hit its six-month milestone, and to celebrate, they’re rolling out fresh deals on three new Volvo EVs.

SKIP THE STORYtake me to the deals.

“It’s normal to have questions when you’re considering an EV,” reads Costco’s Marketplace copy. “Are EVs safe? How long will my EV last? Can EVs handle harsh weather? We’ve answered these questions and more so you can have peace of mind about living the EV life.”

That’s how it starts, and the Marketplace, true to its word, continues with informational articles about EV incentives (Money Matters), charging FAQs (All About Charging), the differences between hybrids, PHEVS, and EREVs (Hybrids and PHEVs), and Expert Perspectives on topics like autonomous driving and buying usd EVs.

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It’s pretty basic stuff, and you’d probably get a lot more nuanced and useful real-world takes on the hows and whys of fitting an EV into your everyday life by reading the comments on Electrek, but the Costco site passes the Jo Borrás Father-In-Law Test™: it’s easy, accessible, and does everything it can to avoid taking any sort of environmental or political stand.

And, best of all, it neatly organizes all the different GM EVs eligible for Costco member discounts. And, now through September, that list includes a (returning) trio of all-electric Volvo models: the EX90, EX40, and Electrek EV of the year for 2024, the Volvo EX30.

Check out the deals, below, and click on the Make/Model names to find more discounts and deals on new EVs in inventory near you.

Costco members only Volvo deals


Volvo-EX30-EV-sales
Volvo EX30, via Volvo.
  • Volvo EX90
    $ 1,500 incentive for Gold Star & Business members
    $ 2,000 incentive for Executive members
  • Volvo EX40
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Volvo EX30
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members

Costco members only GM deals


Chevy-Blazer-EV-sales
2024 Chevy Blazer EV RS, via GM.
  • Chevrolet Blazer EV
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Chevrolet Equinox EV
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Chevrolet Silverado EV
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • GMC Sierra EV
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • GMC Hummer EV
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Cadillac OPTIQ
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Cadillac VISTIQ
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members
  • Cadillac ESCALADE IQ
    $ 1,000 incentive for Gold Star & Business members
    $ 1,250 incentive for Executive members

Brightdrop Costco member deal


Chevrolet BrightDrop ZEVO; via GM.

Finally, I absolutely must stop and highlight what might be the absolute best deals going. With 272 miles of range and more room inside its walls than your college dorm, GM’s Chevy Brightdrop electric van is one of the best commercial EVs you can buy. As a Costco Executive member, you can get one for yourself or your business with an absolutely incredible $31,500 discount. (!)

You can check out Costco’s EV Marketplace for yourself at this link, then let us know what you think of it as a resource – and if you’d recommend it to your in-laws – in the comments.

SOURCE: Costco; images via Volvo, GM.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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