A new report on global energy transition has claimed that 2035 will be the point the world shifts from oil and gas to renewables. According to the report, by global research and consultancy firm Wood Mackenzie, this is when renewables and electric-based technologies converge, with around 20% of global power needs being met by solar or wind, and roughly 20% of miles traveled by cars, trucks, buses and bikes using electricity.
Thinking global energy transitions: The what, if, how and when identifies the growing sustainability movement as one of leading drivers with decarbonisation goals, green investments and corporate social responsibility driving the change. The report also notes the rise of smart cities in supporting technological progress. It is estimated that around 1,000 such cities are in the planning, with 300 located in China alone.
Noting the next 15 years as critical, the authors said global investment of US$2.4 trillion between 2016 and 2035 for the transition of the industrial, energy, agricultural, residential and transport sectors – equivalent to 2.5% of global GDP.
Challenges to the global energy transition do remain, however, including the possibility that battery prices do not come down as fast as anticipated, low consumer acceptance of EVs, a lack of adequate charging infrastructure and, of course, unsupportive policies.
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