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According to a new report released this week by Dutch bank ING, investment in wind and solar energy needs to reach $13 trillion in 30 years in 2050 to reduce CO2 emissions
by 64% by 2050.
ING global economists and strategists revealed in the report that to achieve the 2050 goal of reducing emissions by 64%, investment in solar and wind energy needs to reach $13 trillion.
But the 2030 target
is missing from the report.
Specifically, ING's scenario focuses on replacing wind and solar
energy with oil, coal and natural gas.
"These are key factors in reducing CO2 emissions," ING said, "and we believe this situation is realistic because it affects the rational implementation path
of new technologies.
" The report also takes into account the expected growth in energy demand over the next few decades, which is expected to more than
double by 2050.
These include the expected increase in electricity consumption, as new technologies that do not require fossil fuels increasingly rely on clean power generation
.
According to ING, fossil fuels currently account for two-thirds
of the global electricity mix.
However, in ING's "positive" scenario, wind and solar could provide two-thirds of the world's electricity, each accounting for 19,000 Twh of electricity generation
.
However, the report claims that to meet these demands, solar energy needs more capacity than wind, and onshore wind will not be as efficient as
offshore wind.
"DUE TO THE INSTABILITY OF SOLAR AND WIND ENERGY, MORE CAPACITY IS NEEDED TO RELIABLY GENERATE 19,000 TWh," ING EXPLAINS, "IN OTHER WORDS, THESE TWO ENERGY SOURCES ARE LESS EFFICIENT THAN OIL AND GAS
.
" ”
ING believes that by 2050, solar power generation needs to increase to an estimated 14,000 GW to meet the expected generation of 19,000 TWh, while onshore wind power needs only 4,700 GW and offshore wind about 1,200 GW to provide 19,000 TWh of electricity
.
ING believes that investing $13 trillion by 2050 is necessary, with wind power accounting for the largest share
of $7.
3 trillion.
To put this into perspective, the average annual investment in wind and solar energy needs to grow from about $200 billion globally over the next decade to about $500 billion per year between 2036 and 2050, when investment in solar and wind energy will at some point exceed current upstream oil and gas investment levels
.
According to a new report released this week by Dutch bank ING, investment in wind and solar energy needs to reach $13 trillion in 30 years in 2050 to reduce CO2 emissions
by 64% by 2050.
ING global economists and strategists revealed in the report that to achieve the 2050 goal of reducing emissions by 64%, investment in solar and wind energy needs to reach $13 trillion.
But the 2030 target
is missing from the report.
Specifically, ING's scenario focuses on replacing wind and solar
energy with oil, coal and natural gas.
"These are key factors in reducing CO2 emissions," ING said, "and we believe this situation is realistic because it affects the rational implementation path
of new technologies.
" The report also takes into account the expected growth in energy demand over the next few decades, which is expected to more than
double by 2050.
These include the expected increase in electricity consumption, as new technologies that do not require fossil fuels increasingly rely on clean power generation
.
According to ING, fossil fuels currently account for two-thirds
of the global electricity mix.
However, in ING's "positive" scenario, wind and solar could provide two-thirds of the world's electricity, each accounting for 19,000 Twh of electricity generation
.
However, the report claims that to meet these demands, solar energy needs more capacity than wind, and onshore wind will not be as efficient as
offshore wind.
"DUE TO THE INSTABILITY OF SOLAR AND WIND ENERGY, MORE CAPACITY IS NEEDED TO RELIABLY GENERATE 19,000 TWh," ING EXPLAINS, "IN OTHER WORDS, THESE TWO ENERGY SOURCES ARE LESS EFFICIENT THAN OIL AND GAS
.
" ”
ING believes that by 2050, solar power generation needs to increase to an estimated 14,000 GW to meet the expected generation of 19,000 TWh, while onshore wind power needs only 4,700 GW and offshore wind about 1,200 GW to provide 19,000 TWh of electricity
.
ING believes that investing $13 trillion by 2050 is necessary, with wind power accounting for the largest share
of $7.
3 trillion.
To put this into perspective, the average annual investment in wind and solar energy needs to grow from about $200 billion globally over the next decade to about $500 billion per year between 2036 and 2050, when investment in solar and wind energy will at some point exceed current upstream oil and gas investment levels
.
