• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 16 hours Energy Armageddon
  • 6 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 6 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days Goldman Betting on Cryptocurrencies
  • 9 days Сryptocurrency predictions
  • 14 days Putin and Xi Bet on the Global South
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

The $60 Trillion Price Tag For A World With Net-Zero Emissions

The world can achieve net-zero greenhouse gas emissions by the middle of this century for an annual investment of US$1 trillion-US$2 trillion, or up to US$60 trillion over the next 30 years, a coalition of major oil firms, companies in other energy-intensive industries, and banks said.

The Energy Transitions Commission (ETC) is a coalition of 45 leaders from energy producers, energy-intensive industries, financial institutions, and environmental advocates, including BP, Shell, Sinopec Capital, Rio Tinto, ArcelorMittal, Bank of America, HSBC, Iberdrola, Ørsted, and Vattenfall.  

In a new report this week, ‘Making Mission Possible,’ the coalition said that “it is undoubtedly technically feasible and economically affordable for the whole world to achieve net-zero GHG emissions by mid-century, with all developed economies meeting that objective by 2050 and all developing economies within the following 10 years.”  

The ETC says that countries and companies have to believe that net-zero is feasible and economically affordable to start planning the policies to get to the net-zero vision. 

The price tag for reaching a global net-zero economy over the next 30 to 40 years sounds monstrously high, but according to the ETC, the additional investments required, “while huge in absolute dollar terms, are only about 1% to 2% of global GDP per annum.”

“The costs of achieving this are very small, especially compared to the large adverse consequences that unmitigated climate change would trigger by 2050 and in subsequent years,” the coalition said in the report.

The biggest investment globally will be needed to build a global power system that can deliver 100,000 TWh per year, including new renewable electricity capacity, transmission and distribution networks, battery storage for flexibility, and additional technology deployment to supply interday and seasonal flexibility. All these investments in the power system would require an additional annual investment of US$1 trillion to US$1.5 trillion per year. The ramp-up of ‘green’ hydrogen production, transport, and storage will also need massive investments of US$3.7 trillion over 30 years, or US$130 billion annually, the coalition said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Pekka Lehtikoski on October 15 2020 said:
    Good article. Maybe this is feasible, the approach to global power gid with sufficient backup storage might really work. Cost figures sound big enough to be calculated.
    Few points where this might fail: It requires global agreement, the US, China, Europe, and Russia working together and paying the bill for the rest of the world (people have more immediate issues in less wealthy parts of the world, they cannot finance a project like this). Lithium battery technology will not scale up for this, even there is a lot of lithium it is not an endless resource.
    A cheaper and easier approach would be a combination of wind/solar/natural gas. No need for cooperation/global grid/batteries. Not a net-zero technology, but might cut CO2 emissions by the order of 30% or so.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News