Climate action will stall until the finance problem is solved. This is no longer a problem for the energy sector, where clean technology has matured for decades. According to our research, we simply take the capital we are still investing in coal, oil and gas each year (about $ 1 trillion these days) and use it as a green project (we spend much less). If we can switch to), we are on track broadly towards our clean energy budget and 100% clean energy supply, which could at least double. But it’s not just a clean supply. In addition, there is a need for clean demand. Ultimately, all the assets of the economy need to be replaced, including buildings, boilers, and utensils built with or to run on fossil fuels. According to our research, we need a lot of money here.
FT 23rd Aug 2021 read more »
Arguing that electrification will increase carbon emissions is misguided, argues Jan Rosenow from the Regulatory Assistance Project. Instead, the focus must be on bringing more renewables online to make electricity production as clean as possible. Estimating the emissions savings associated with electrification is complex. A number of analysts have made admirable attempts to appraise emissions savings resulting from a shift to electric vehicles (EVs) from internal combustion engine vehicles or to electric heat pumps from gas condensing boilers. These studies show electrification leads to significant reductions in carbon emissions. This decrease is due to the combined effect of much greater efficiency, resulting in significantly lower total energy demand, and the fact that the electricity mix is much cleaner than it was 20 years ago and is getting cleaner every year. In recent weeks however, several media articles have surfaced arguing against the electrification of end uses currently reliant on combusting fossil fuels. The German media reported widely on research claiming electric cars that run on power generated by coal are no cleaner than petrol and diesel cars. In the UK, gas industry representatives have argued heat pumps use more gas than burning the fuel directly in a gas boiler. Both claims are false and misleading, delaying the energy transition.
Energy Monitor 21st July 2021 read more »