Global wind and photovoltaic investment needs reach $13 trillion by 2050-Shanghai Metals Market

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Global wind and photovoltaic investment needs reach $13 trillion by 2050

Translation 08:15:10AM May 13, 2019 Source:Network arrangement
The content below was translated by Tencent automatically for reference.

According to a new report released by ABN Amro ING, wind and solar photovoltaic investment needs to reach $13 trillion within 30 years in 2050 in order to reduce carbon dioxide emissions by 64 per cent by 2050. To meet the target of reducing emissions by 64 per cent by 2050, investment in solar and wind energy would need to reach $13 trillion, according to a report by global economists and strategies at ING. However, the 2030 target is missing in the report. Specifically, the ING scenario focuses on replacing wind and solar energy with oil, coal and natural gas. "these are the key factors for reducing carbon dioxide emissions," ING said. "We think this is realistic because it affects the rational implementation of new technologies." The report also takes into account the expected growth in energy demand over the next few decades, which is expected to more than double by 2050. This includes the expected increase in electricity consumption as new technologies that do not require fossil fuels are increasingly dependent on clean power generation. Fossil fuels currently account for 2/3 of the global power mix, according to ING. However, in ING's "positive" scenario, wind and solar can provide 2/3 of the world's electricity, each accounting for 2/3 of 19000Twh's electricity generation. However, the report claims that in order to meet these needs, solar energy needs more capacity than wind power, and onshore wind power will not be as efficient as offshore wind power. "because of the instability of the sun and wind energy, more capacity is needed to steadily generate 19000 TWh of electricity," ING explains. "in other words, these two sources of energy are less efficient than oil and gas." ING believes that by 2050, solar power will need to increase to an estimated 14000 gigawatts to meet expectations of 19000 terawatts, while onshore wind power needs only 4700 gigawatts and offshore wind power about 1200 gigawatts, which can provide 19000 terawatts of electricity. ING believes it is necessary to invest $13 trillion by 2050, of which wind power accounts for the largest share of $7.3 trillion. From this point of view, the average annual investment in wind and solar energy needs to grow from about $200 billion worldwide to about $500 billion a year between 2036 and 2050 over the next decade. At some point, investment in solar and wind energy will exceed the current level of upstream oil and gas investment.

Global wind and photovoltaic investment needs reach $13 trillion by 2050

Translation 08:15:10AM May 13, 2019 Source:Network arrangement
The content below was translated by Tencent automatically for reference.

According to a new report released by ABN Amro ING, wind and solar photovoltaic investment needs to reach $13 trillion within 30 years in 2050 in order to reduce carbon dioxide emissions by 64 per cent by 2050. To meet the target of reducing emissions by 64 per cent by 2050, investment in solar and wind energy would need to reach $13 trillion, according to a report by global economists and strategies at ING. However, the 2030 target is missing in the report. Specifically, the ING scenario focuses on replacing wind and solar energy with oil, coal and natural gas. "these are the key factors for reducing carbon dioxide emissions," ING said. "We think this is realistic because it affects the rational implementation of new technologies." The report also takes into account the expected growth in energy demand over the next few decades, which is expected to more than double by 2050. This includes the expected increase in electricity consumption as new technologies that do not require fossil fuels are increasingly dependent on clean power generation. Fossil fuels currently account for 2/3 of the global power mix, according to ING. However, in ING's "positive" scenario, wind and solar can provide 2/3 of the world's electricity, each accounting for 2/3 of 19000Twh's electricity generation. However, the report claims that in order to meet these needs, solar energy needs more capacity than wind power, and onshore wind power will not be as efficient as offshore wind power. "because of the instability of the sun and wind energy, more capacity is needed to steadily generate 19000 TWh of electricity," ING explains. "in other words, these two sources of energy are less efficient than oil and gas." ING believes that by 2050, solar power will need to increase to an estimated 14000 gigawatts to meet expectations of 19000 terawatts, while onshore wind power needs only 4700 gigawatts and offshore wind power about 1200 gigawatts, which can provide 19000 terawatts of electricity. ING believes it is necessary to invest $13 trillion by 2050, of which wind power accounts for the largest share of $7.3 trillion. From this point of view, the average annual investment in wind and solar energy needs to grow from about $200 billion worldwide to about $500 billion a year between 2036 and 2050 over the next decade. At some point, investment in solar and wind energy will exceed the current level of upstream oil and gas investment.