outlines how the granular, sector-by-sector approach to decarbonization across the globe will redefine not only how energy is traded, but who stands to benefit from the adoption of clean technologies as power demand triples over the coming decades? … Rethink anticipates that by 2050, 92% of power will come from net zero sources, up from 41% today.
As companies and governments are increasingly held to account over their decarbonization efforts, sectors from steelmaking to shipping will see fuel sources shifted towards electricity. The report contains this dire warning for the laggards: As solar-plus-storage in particular continues to plummet in price to provide undisrupted power, even the cheapest natural gas plants will become stranded assets in the early 2030s, making any investment in new coal or gas an inexcusable waste of money. Companies that fail to see this will go bankrupt, as will oil companies that fail to transition as oil demand peaks in the late 2020s, as electric vehicles dominate all global markets.
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