01 Year in Focus

Temperature rising Our World in Data
Birth of an industry Atlas EV Hub


02 Power

Growth of wind and solar Annual Electricity Data, Ember
Diverging Ember
Electricity emissions Ember
The big clean-up Ember


03 Transportation

Oil displacement from vehicle electrification BloombergNEF Electric Vehicle Outlook 2023
Global oil consumption, 1965 – 2022 Statistical Review of World Energy 2023
Lithium carbonate price Bloomberg


04 Buildings

Building emissions IEA, Generation analysis
Smart policy matters: the impact of policy change on energy efficiency uptake in the UK Carbon Brief and the UK Climate Change Committee
German monthly household gas demand Bruegel European natural gas demand tracker


05 Industry

Emissions of hard-to-abate sectors World Resources Institute
Status of clean hydrogen projects worldwide IEA Hydrogen Projects Database, October 2022
Annual CO₂ emissions from cement, 1925 – 2021 Our World in Data
Rising interest in carbon capture Global CCS Institute 2022 Status Report
Status of carbon capture projects worldwide IEA CCUS Projects Database, March 2023


06 Land & Food

National commitments to land protection The World Bank
Forest loss in the Amazon Global Forest Watch
Forest loss in the Congo Basin Global Forest Watch
Forest loss in Southeast Asia Global Forest Watch
Greenhouse implications of dietary choices Our World in Data
Investment in plant-based meat alternatives Good Food Institute


07 Financing the Transition

Historical and required investments IEA, Generation analysis


08 Looking Ahead


Generation and Just Climate would like to thank our partners at Applied Works, one of London’s great digital design firms, for their hard work under deadline in helping us to compile this report and present it in a readable form. Mandy Doran, Joe Sharpe, Callum Strachan, Richard Males and Radhita Jain provided invaluable assistance. We thank Rebecca Keys for proofreading the manuscripts.

We also thank the organizations whose work and data sets we drew on heavily, including Ember, the International Energy Agency, Our World in Data, Bloomberg New Energy Finance, the Intergovernmental Panel on Climate Change, Climate Trace, the Energy Institute and others. We thank the Global Carbon Project for its annual Global Carbon Budget, including the modeling groups around the world that contribute to that invaluable series of reports. At the IEA, we especially thank Curtis Brainard and Jon Custer for help locating data from the vast archives of that organization, so indispensable to understanding the world energy landscape. At Ember, we thank Matt Ewen for tolerating so many queries. We thank WindEurope for its close tracking and intelligent commentary in regard to the energy situation in Europe.

Critiques and errata notices are most welcome and can be sent to str@​generationim.​com

Important information

This report has been prepared by Generation Investment Management LLP (‘Generation’) for discussion purposes only and reflects the views of Generation as at September 2023. It is not to be reproduced or copied or made available to others without the consent of Generation.

The information presented herein is based on Generation’s analysis of publicly available data, is intended to present a global perspective on different areas that Generation believes represent a sustainable economy and should not be construed as investment research, advice or the making of any recommendation. References to any companies must not be construed as a recommendation to buy securities of such companies.

The jurisdictions and time periods presented herein may vary, as the data shown is what Generation used in its own assessment and believes to be the most complete view to support each identified area of sustainability and the associated trends. 2023 and other historic estimates made throughout the report were extrapolated from cited research and based on previous trends and known current data.

While the data is from sources Generation believes to be reliable, Generation makes no representation as to the completeness or accuracy of the data. Generation shall not be responsible for amending, correcting, or updating any information or opinions contained herein, and we accept no liability for loss arising from the use of the information presented herein.