Author’s Note
The United States and global energy systems have made remarkable progress in the past several years. In 2024 alone, we saw a particularly notable acceleration in clean energy transition within the United States—a continuation of the trend downwards on intensity, and of renewables surpassing coal. Absolute emissions appeared to decline slightly. [1]
Figure 1. Share of generation, cumulative January-November (%)
Source: Monthly electricity data, Ember | Note: ‘Other’ includes bio-energy, other fossil and other renewables
This continues a long-term trend of decoupling economic growth from carbon emissions, which we have invested in and advocated for over the past twenty years.
In addition to revealing many encouraging trends, the following briefing shows that total global carbon emissions continue to rise. We believe that our collective efforts—your participation as our clients, our work as an investment manager, and our combined voice as active shareholders—will further the encouraging trends and technological developments needed to continue accelerating toward sustainable energy transition. Despite recent pushback against sustainability and “ESG” by various political factions, meaningful progress has been made, and we expect it will continue because it works—for businesses and for human well-being. – John Streur
Chief Investment Officer – All Material Risk Investment Strategies
[1] US emissions unchanged in 2024 despite coal power at lowest level since 1967, Carbon Brief
This piece is intended as an editorial review of a survey of risk considerations and does not constitute investment advice, a solicitation, or an offer to buy or sell any security. Past performance does not guarantee future results. All investments involve risk, including the risk of loss of principal.
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