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
28 March 2024
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity