Renewable-energy spending likely to surpass oil and gas for the first time ever in 2021

by Ben Winck, Business Insider


Highlights

Goldman Sachs reports that renewable energy investments will be a quarter of all energy spending in 2021, surpassing investment in oil and gas

  • If the United States aims to meet climate standards that result in less than 2 degrees Celsius of warming, the transition into renewable energy will create $1-2 trillion in infrastructure spending per year
  • Though previous economic downturns have slowed the transition of green energy investing, Goldman Sachs believes this transition will be accelerated due to coronavirus 
  • In order to move green infrastructure forward, we will need a low cost of capital and regulatory framework
  • Growing technologies such as clean hydrogen and carbon markets also need access to sufficient capital or long term plans for emission reductions will stall

Fossil fuel divestment and the transition to 100% clean energy is critical to achieving The Climate Center’s goals under the Climate-Safe California Platform.


Read More: https://markets.businessinsider.com/news/stocks/renewable-energy-trillion-investment-opportunity-surpass-oil-first-time-goldman-2020-6-1029318482

Nina Turner
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