This quarter, the key climate headlines emphasized a growing sense of urgency around finding tangible and scalable solutions to fight climate change. Major North American cities were impacted with air quality issues from Canadian wildfires. Extreme heat waves were seen in China, India, the U.S., Spain, and shockingly Siberia and this year may end up as the hottest year ever measured. The urgency is also balanced with momentum as many countries are making progress on decarbonization.

• As Europe accelerates its energy transition, renewable energy produced more power in May than fossil fuels for the first time in history.
• Brazil, led by President Lula’s campaign promise to turn the country into a green superpower, saw deforestation in the Amazon fall by 68% in April 2023 vs. April 2022.
• A recent report by the Global Energy Monitor showed that China’s green energy targets for 2030 may be achieved by 2025.

You can learn more about our global outlook and portfolio positioning by accessing our 2Q23 quarterly commentary here.