<
https://reneweconomy.com.au/bnef-says-2-4-trillion-needed-for-australias-net-zero-target-but-window-to-safe-climate-closing-fast/>
"Bloomberg NEF has warned that Australia’s window to achieving its 2050 net
zero targets is closing fast, and the “heavy lifting” in investment in new
wind, solar and storage must be done this decade. Coal, and unabated fossil gas
generation, must also end by 2035.
The latest version of BNEF’s New Energy Outlook for Australia quantifies the
cost of the transition to net zero over the next two and a half decades out to
2050 at $2.4 trillion, which sounds a lot.
But BNEF points out that it is only 12 per cent above the business as usual,
and more than half of this cost ($1.3 trillion) comes in the form of electric
vehicles.
But Australians are expected to spend nearly that much anyway on internal
combustion engine cars in the business as usual scenario. The actual extra
spending on “supply side” technologies such as renewables, storage and power
grids, is just $150 billion more, spread over 26 years.
The net zero scenario, however, is at least consistent with capping average
global warming at around 1.7°C, but the business as usual, or what BNEF calls
the economic transition scenario, is consistent with a 2.6°C outcomes, which
climate scientists say could be catastrophic."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
