Exploring the Possibilities of Climate Change Mitigation in 2023

A lot happened in 2022, with Russia’s war on Ukraine disrupting the global economy. Climate news also continued at a relentless pace, with both good and bad news.

In Australia's so-called "climate election" last year, voters ousted the government that had been in power for nearly a decade and barely paid lip service to reducing planet-warming emissions. In its place, they elected a large group of independent lawmakers who are expected to push the Labor party to be greener than it promised. This holds lessons for major economies around the world that will be gearing up for elections in 2024, including the United States, India, the United Kingdom, and Indonesia.

The race to green begins! Despite the energy crisis and high inflation, the European Union continued its process of formalizing the Green Deal. This set of large-scale regulations and subsidies will incentivize all 27 member countries to clean up energy sources and reduce energy use. However, the biggest climate news of the year came over the summer, when a surprise reversal by US senator Joe Manchin enabled the Biden administration to pass the most ambitious climate bill in American history.

As more and more states invest in green technologies, climate policy is shifting from a collaborative to a competitive stage. This year, France has announced a green industry bill to prevent businesses from being lured away by US climate incentives. We can expect more such moves as 2023 progresses

.Government incentives and tax breaks are speeding up the development of green technologies and encouraging existing companies to transition to more sustainable business practices. Last year, we heard from Electra, a startup coming out of stealth mode, that’s able to make carbon-free iron at temperatures cooler than your coffee. Electra will be building a facility in 2023 aiming to prove its financial viability. Scaling up new technologies is hard enough, but doing it to deadline adds further stress and forces more creative solutions. Expect to hear about more breakthroughs in 2023 and see more climate tech startups grow into mature companies.

What will 2023 bring for the climate rebellion? Some are calling for more radical action, but the UK chapter of Extinction Rebellion, the largest of the radical groups, has said it will abandon protests that disrupt public life. Outside economic and policy forces, there will no doubt be increasing political pressure in the form of protests to do more. But 2022 saw governments crack down on activists harder than before, with the UK bringing in stricter punishments and Egypt hosting a COP meeting almost devoid of activism. What will the next year bring? Only time will tell.