The Top 12 Climate Developments of 2023 The past year saw historic developments in climate, energy, and more to help move us toward a clean and secure future.RMI December 19, 2023 Laurie Stone This past year saw some unfortunate climate milestones. It will be the hottest year ever recorded. Devastating floods swept Libya, Brazil, and China. Drought and record-high temperatures sparked catastrophic wildfires in Canada, Greece, Italy, and Hawaii. And global emissions of climate warming pollution will set a new high. Yet, there were also some promising and inspiring developments as well. From the implementation of the biggest US climate bill in history to new movement to slash methane emissions, we continue to make progress. Here we list the top 12 climate developments that give us hope for a clean and secure future — in no particular order......

1. Global investment in clean energy hits all-time high......Global investment in renewables and other clean energy technologies is on track to hit $1.8 trillion in 2023, $500 billion more than in 2022. RMI research shows that the growth in solar, wind, and battery capacity has brought the global electricity system to a milestone moment — where the transition away from fossil fuels has become hard to reverse, suggesting fossil fuel demand has peaked in the electricity sector and will be in freefall by the end of the decade.

2. The biggest climate bill in US history makes historic gains.....A year after passage, the impact of the US Inflation Reduction Act has already exceeded early estimates. In 2023, the IRA led to $372 billion in new private clean energy investments, more than 211,000 new clean energy jobs, and almost 50,000 new manufacturing jobs. Interestingly, the impact of the IRA to date has been weighted toward traditionally Republican-leaning regions.

3.Electric mobility skyrockets......Global electric vehicle (EV) sales reached an all-time high at almost 18 percent of global vehicle sales in 2023. And in the United States, EVs are on track to easily surpass 1 million annual sales for the first time ever. Demand for electric bikes (e-bikes) took off too, with global sales of approximately 40 million outpacing those of passenger EVs. In India, more than half of all new three-wheeled vehicles sold and registered in 2023 were battery-operated. Trucks are also going electric, with RMI finding that the majority of medium- and heavy-duty trucks are electrifiable today. Globally, EVs already displace 1.5 million barrels of oil consumption per day, with that expected to rise to 1.8 million barrels in 2023. Even Barbie and Ken charged into the EV fervor.

4. A loss and damage fund, finally!......On the first day of the annual UN climate conference, COP28, leaders made a historic decision, agreeing to launch and capitalize a loss and damage fund. Details on the loss and damage fund, which will provide financial assistance to climate-vulnerable countries, have been debated for over a decade. At COP28, the UAE and Germany pledged $100 million each, and the United States promised $17.5 million