Sunday, May 22 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Energy transition will bring crises before gains, says report


    January 20, 2022 - CE Noticias Financieras

     

      The transition to clean energy, needed to keep temperatures from rising rapidly, may reduce global GDP (Gross Domestic Product) by 2 percent by 2050 but may be recoverable before the end of the century, a report by natural resources consultancy Wood Mackenzie said Thursday (20).

      While investments in technologies such as solar and wind farms and advanced batteries will generate jobs, the transition is also expected to cause job losses and tax revenues in fossil fuel production, said the report titled "No pain, no gain: the economic consequences of accelerating the energy transition."

      "This is by no means a way of saying we shouldn't pursue the transition or delay it," said Peter Martin, chief economist at WoodMac. "That pain in the short term will be rewarded in the long term."

      Wind power generation turbines in Inchy-en-Artois, France - Pascal Rossignol - Nov.1, 2021/Reuters

      The benefits of limiting temperature rise to 1.5 degrees Celsius, as called for by the United Nations, could boost global GDP by 1.6 percent by 2050, according to the report. But the actions needed to stimulate the transition to prevent temperatures from exceeding that level could cut 3.6 percent from GDP in 2050, resulting in a 2 percent impact, according to the document.

      The impacts will not be felt evenly. China will feel about 27 percent of the cumulative $75 trillion economic impact on global GDP by 2050, followed by the United States at about 12 percent, Europe at 11 percent, and India at about 7 percent.

      Wealthy economies with deep capital markets that already have large investments in energy transition technologies, or a propensity to invest in new technologies, will be best positioned.

      The economic benefits of the energy transition should begin to appear after 2035, and the lost economic output would eventually be recouped before the end of the century, according to the report.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.