Wednesday, 16 Sep 2020 02:58 PM MYT
LONDON, Sept 16 — Achieving net zero emissions by mid-century would cost an estimated US$1 trillion to US$1-$2 trillion a year of additional investments, or 1-1.5 per cent of global gross domestic product, a report by the Energy Transitions Commission said yesterday. When this is achieved, the reduction in 2050 living standards in developed and developing countries would amount to less than 0.5 per cent of global GDP, the report said.
The report said dramatic improvements in energy efficiency will need to be made; annual global electricity supply will have to grow four to five times to reach 90,000-115,000 terawatt hours and the annual pace of wind and solar capacity will need to be five to six times the increase achieved in 2019.