Projected Cost of Cutting Carbon Emissions Soars to $44 Trillion

Bloomberg: “The cost of cutting carbon emissions from power generation enough to restrict global warming to safe levels is rising because growing coal use outweighs the progress in renewables, the International Energy Agency said.”

“Investments of $44 trillion through 2050 are needed to decarbonize the energy sector, the Paris-based agency said today in an e-mailed report, up 22 percent from the figure it gave two years ago. The spending would ensure the average temperature rise since the industrial revolution is limited to the 2-degrees Celsius (3.6 degrees Fahrenheit) target world leaders have endorsed.”

“Investments in renewables, nuclear power and CCS would offer more benefits than costs, according to the agency. It said spending $44 trillion would yield more than $115 trillion in fuel savings.”

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