New Energy
Is Net Zero by 2050 Still Possible? Yes, But It’ll Cost 19% More
A new BloombergNEF report shows global climate goals are becoming harder to achieve the longer the world remains addicted to fossil fuels.
The sun rises beyond wind turbines at a wind farm in Muras, Spain.
Photographer: Brais Lorenzo/BloombergGovernments and companies need to spend an extra $34 trillion on the clean energy transition between now and 2050 to reach net-zero emissions, according to BloombergNEF.
The research group’s 250-page New Energy Outlook report, which crunches 18 million datapoints, says that amount is 19% more than what’s expected in its base case scenario. The finding indicates that sectors from electric vehicles and renewable energy to power grids and carbon capture need extra support.