Public authorities are still overcoming residual challenges of the pandemic, and are now faced with rising commodity prices and inflation. Unsurprisingly, this has created pressure to deprioritize energy transition plans. In some cases, public and private-sector players are taking actions that are inconsistent with their stated net zero ambitions. The gap between commitment and action is growing ever wider.
At the same time, risks from climate change keep rising. In February, the Intergovernmental Panel on Climate Change (IPCC) published its Sixth Assessment Report . It paints an alarming picture of the physical risks of climate change. The report warns of more frequent and intense extreme weather and climate events.