In 2023, renewable energies power over half of Germany’s electricity consumption, a 5 percentage point increase from the previous year. This is a monumental step as months like July, May, October, and November showcased high peaks in renewable electricity generation, with record-breaking figures in solar and onshore wind energy. Lower overall electricity consumption contributed positively to the renewable energy quota, reaching 52 percent, while the total renewable energy production surged by 6 percent to 267.0 billion kWh. Leaders emphasized the crucial need for continued policy support and global scaling of renewables, particularly for green hydrogen and direct air capture systems, to meet climate targets and foster a sustainable energy future.

Early this month, Reuters reported around a study that says that due to extreme weather caused by climate change, Germany could be looking at a bill of about 900 Billion Euros in total damages by mid-century. This is a direct example of how sustainability and ESG is affecting the bottom line. The study, originally from economic research companies Prognos and GWS and Germany's Institute for Ecological Economic Research comes as Berlin works on a climate strategy that is supposed to be presented by the environment ministry.

This week, the Canadian federal government is proposing a new cap and trade system that will essentially set a “cap” or a ceiling for emissions, specifically from the oil and gas industry. The goal of this would be to drive down emissions by 40-45% from the 2005 levels by 2030

This week, the German government approved a new package of measures to speed up the expansion of renewable energy. Previously, the German government had a target of 65% of energy to be clean energy by 2030. With this new commitment, the goal is for 80% of energy to be clean energy by 2030. As of April this year, just under 41% of Germany’s power consists of clean energy.