More investments in clean energy need to come from the private sector – including oil and gas companies, whose excess profits are estimated to be $4trn in 2022 – according to a new World Economic Forum white paper.
To reach Net Zero emissions by 2050, investments in clean energy need to triple from the current level of $1.2trn to $4.4trn annually by 2030.
“By accelerating their capital deployments in low-carbon energy sources and technologies, energy companies can help bridge the investment gap,” the report states. “Additionally, these measures will lower the carbon intensity of energy companies’ asset portfolios, thereby strengthening their capability to attract capital from investors looking to lower the emissions exposure of their portfolios.”
The report calls for the acceleration of solutions such as wind, solar, hydrogen, biofuels and CCUS, as well as solutions that improve energy efficiency and circularity.
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