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by 40% this decade, compared to 2005 levels, by turbocharging the deployment of solar and wind power, cleaner fuels, electric vehicles, and electric appliances. About $370 billion in tax credits, rebates, and loan and grant programs are authorized over a decade.
In September, Australia, the third-largest exporter of fossil fuels, also enshrined into law a pledge to cut carbon emissions by 43% this decade and reach net-zero emissions by 2050. The law marked a swift change of course this year after the country's Labor Party defeated a conservative government that had stalled stronger climate action for a decade.like palm oil, soy, beef, and coffee that contribute to deforestation, a key driver of the climate crisis.
Meanwhile, 2022 was the year that EVs started to appeal to the masses, at least in richer countries like the US. Nearly every automaker is rolling out their own models, including GM, which revived the Hummer with an electric version after discontinuing its gas-guzzling predecessor more than a decade ago.. At that rate, the industry is on track to meet net-zero emissions goals by the middle of the century.