Efforts to decarbonize energy systems are racing to keep up with a global warming clock which is ticking ever louder.

In 2023, the sense of urgency intensified as temperature records were smashed on land and in the oceans. For those financing the long-term transition to a net-zero world, the message is clearer than ever – it must and will happen, and faster.

It is a loud and clear signal to finance, but sometimes risks being drowned out by short-term noise. Most recently, the noise includes supply-chain issues for renewables projects, and energy security and affordability concerns driving some countries to step up fossil-fuel use and projects. While these concerns are very real, they don’t justify putting the transition on pause anywhere.