- Sep 23, 2021 11:50 pm GMT
Energy transition is not a choice but a necessity. The battle still rages whether public or private sector should bear the cost?
THE BARRIERS TO THE PACE OF TRANSITION
- The national recovery plan provides only 6% of the investment needed for the transition. Almost 94% has to be covered by companies,
- The soaring gas and energy pricesand spikes in prices of key metals could slow down the economic recovery
- Many countries still lack the necessary regulations for carbon pricing; even in EU the legislative binding does not always translate to regulatory framework that oil companies can use plan their energy transition journey
THE SCALE OF CHALLENGE
- If governments and companies want to see the coveted 2050 net-zero emissions they have been racing to pledge in recent months, they would need to invest between $92 trillion and $173 trillion in the next three decades
- The energy transition that would be compatible with a net-zero world in 2050 would need rapid scaling of investment – the route to net-zero remains yet uncertain.
- The world needs to more than double yearly investments in order to achieve net-zero emissions. Those investments should jump from around $1.7 trillion annually at present to “somewhere between $3.1 trillion and $5.8 trillion per year on average over the next three decades.”
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