• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 23 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 4 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 17 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
What Does Putin’s Re-Election Mean for the World?

What Does Putin’s Re-Election Mean for the World?

Vladimir Putin's reelection will lead…

Energy Transition To Cost Italy $760 Billion This Decade

The price tag of the energy transition in Italy could be over $760 billion (650 billion euro) over the next ten years, the president of the local employers’ association said on Thursday.

“The national recovery plan provides only 6% of the investment needed for the transition. Almost 94% has to be covered by companies,” Carlo Bonomi said at the annual meeting of employers’ federation Confindustria, as carried by Reuters.

According to the head of the influential business association, the soaring gas and energy prices and spikes in prices of key metals could slow down the economic recovery from the pandemic globally.  

At the same event, Italy’s Prime Minister Mario Draghi said that the energy transition “is not a choice but a necessity.”  

Still, Italy needs to take into account its capacity to repurpose its energy system to lower-carbon sources, Draghi said.

“The government should help consumers and businesses bear the costs of this transition, paying special attention to the most vulnerable consumers,” the Italian prime minister said.

The world will need to invest up to $173 trillion in greener energy infrastructure and supply over the next 30 years if it wants to achieve net-zero carbon emissions by 2050, BloombergNEF said in its New Energy Outlook 2021 report published on in July.

If governments and companies want to see the coveted 2050 net-zero emissions they have been racing to pledge in recent months, they would need to invest between $92 trillion and $173 trillion in the next three decades, according to BNEF.

The energy transition that would be compatible with a net-zero world in 2050 would need rapid scaling of investment, the research firm says, adding that “the route to net-zero remains yet uncertain.”

According to BNEF, the world needs to more than double yearly investments in order to achieve net-zero emissions. Those investments should jump from around $1.7 trillion annually at present to “somewhere between $3.1 trillion and $5.8 trillion per year on average over the next three decades.”

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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