Rising borrowing costs make the economics of renewable energy projects less attractive, and U.S. Can clean-energy investors recover their nerves? Even though the costs of solar power hardware have fallen to record lows, and there have never been more government incentives for clean energy, investment in the sector is at risk of stalling out.Meanwhile, Western companies and governments will continue to try to undermine China’s vise grip on the supply chains for critical minerals and clean energy hardware, which could drive prices up in the near term, especially if Beijing weighs additional export restrictions of its own. has outlined plans for its own version, and expect to see more political momentum to erect similar barriers in the United States. That reporting requirement will put pressure on suppliers around the world to start to decarbonize or risk losing market access when the EU’s carbon border tariff goes into full effect in 2026. Will global climate trade wars continue to heat up? Next year will be the first that European importers of industrial products like aluminum and fertilizer will need to report the carbon footprint of those goods.These are the big questions that will shape whether COP28’s aspirations will remain within reach. Those headwinds are unlikely to let up in 2024. This year was a challenging one for the energy transition, pitting the human and economic costs of climate change against the big picture conditions of the global economy - war and nationalism, high inflation and interest rates - that tend to favor the fossil-fuel status quo.

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