Countries Need to Invest $55 Trillion to Reach Net-Zero Emissions Target – ‘Building renewable power plants will take up a bulk of the estimated’ cost


By: - Climate DepotSeptember 17, 2020 7:17 PM

https://www.bloombergquint.com/technology/nations-need-to-invest-55-trillion-to-reach-emissions-target

(Bloomberg) — Global economies will need to invest as much as $55 trillion through the middle of the century to meet an emissions goal and contain warming of the planet, according to a report by a group of executives from energy-intensive companies including ArcelorMittal SA, BP Plc and Royal Dutch Shell Plc. Reaching net-zero carbon emissions target by 2050 will require large scale electrification of industries, buildings and transport, as well as the use of hydrogen and biofuels in areas that can’t be electrified, according to the Energy Transitions Commission. Using less energy to produce more and recycling material will aid the efforts. Building renewable power plants will take up a bulk of the estimated investment.

China, the world’s biggest coal user, “is not yet on a clear path towards a net-zero economy and new coal investments are continuing despite evidence that renewables are now highly competitive on a new-build basis in most of China’s provinces,” it said.

The nation can become a fully developed, rich economy with net-zero emissions by 2050 by rapidly deploying renewable power projects and reducing its dependence on coal, according to the report. The country needs to double annual investments in solar and as much as quadruple investments in wind energy, along with accelerating use of clean energy in industries and residential heating.

India, the second biggest coal user, is likely to see consumption of the fuel peak between 2027 and 2030, before gradually sliding down, Ajay Mathur, a co-chair at Energy Transitions Commission, said in a phone interview. The nation, which currently produces nearly 65% of its electricity from coal, can do without building new coal power plants, as its existing coal fleet is under-utilized and can

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