Spending has increased on low-carbon energy
Low-carbon spending ratio must quadruple – BNEF
Expenditure must increase dramatically in comparison with cash going to fossil fuels if nations are to meet goals of the Paris Agreement
Energy supply investment must rise from $1.6tn/yr currently to as much as $3.8tn/yr for the world to meet the goals of the Paris Agreement, according to a study by research organisation BloombergNEF (BNEF). And the ratio of spending on low-carbon energy versus fossil fuels must increase dramatically from 0.9/1 in 2022 to 4/1 over 2022-30, meaning for each dollar spent on fossil fuels, four would need to be spent on low-carbon technologies. This ratio would need to rise to 7/1 over 2031-40 and 11/1 over 2041-50. The ratio was 0.5/1 in 2011-15 and 0.7/1 over 2016-20. “The next three decades will require significant investment in the energy sector to reach either net- zero or limit the temperat
Also in this section
12 November 2024
Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
