A major focus of this year’s COP26 event centres around the question, ‘How can the energy transition be adequately financed?’. Classification society DNV recently released a report entitled, ’Financing the Energy Transition’, summarised briefly by gasworld here. Following up on the report, gasworld spoke with report authors Jeremy Parkes, Global Business Lead, Electric Vehicles, Energy Systems, DNV, and Christian Parker, Content Manager, Energy Systems, DNV.
To achieve goals set out by the Paris Agreement, such as a 50% reduction in harmful emissions by 2030, the report stated that a ‘massive redirection’ of spending from carbon-heavy investment into clean energy is required.
DNV forecasted that the current budget for a ‘1.5C future’ will be exhausted in 2029 with an emission reduction of just 9%. This implies that financial barriers are going to have to be faced and overcome.
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