S&P Global highlights energy affordability at Climate Week NYC
Summary
At New York's Climate Week, the focus is shifting towards the cost of energy amidst rising geopolitical tensions, particularly due to the Iran war, which has heightened energy prices. Reports from S&P Global indicate that ambitious climate targets are becoming increasingly unattainable as energy demands in developing economies prioritize affordability and security. Additionally, the U.S. Energy Storage Coalition emphasizes that rapid battery scaling could save the U.S. power system approximately $250 billion over the next decade. This emphasis on affordability comes at a time when Americans' willingness to personally fund climate initiatives is reportedly at an all-time low, reflecting a growing concern that any climate action must balance emissions reductions with economic considerations.