Grid Investment Must Outpace Renewables for Net Zero, BNEF Says
Photographer: Krisztian Bocsi/Bloomberg
Global investment in power grids will need to outpace spending on renewable energy in order to achieve net-zero emissions by 2050, according to BloombergNEF’s New Energy Outlook published Tuesday.
The world will need to nearly double its grid network to 111 million kilometers (69 million miles), the researcher found — equivalent to almost three-quarters of the distance to the sun. The price tag for such an overhaul will be about $24.1 trillion, compared with $22.7 trillion in spending on renewable energy to meet the goal.
A revamp of the electricity network is one of several pillars needed to reach carbon neutrality by mid-century and keep global warming in line with the goals of the Paris Agreement, BNEF said. Others include massive investments in electric vehicles, nuclear energy, carbon capture and clean hydrogen. Wind and solar capacity will need to increase ninefold.
Read More