Net zero by 2050 needs a cash influx — to the tune of an extra $34 trillion. That’s 19% more than the numbers originally crunched in a respected baseline scenario.
It’s not just in the US where the rigorous benchmarks of net zero by 2050 are controversial. Europe, too, has seen many politicians take a populist “let’s slow down the process” stand. In doing so, they overtly question the necessity and viability of a full and robust clean energy transition. Cleaner power generation can drive the bulk of the aggressive emissions cuts needed this side of 2030, enabling more time to tackle hard to abate areas like, where cost-competitive low carbon solutions have yet to scale. A power system based around variable wind and solar generation cannot work without significant sources of flexibility.
There are also numerous measures described in the report that can help bridge land use needs in the coming decades. These include:
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