Road to net zero will cost trillions a year, report says

Posted: January 27, 2022 by oldbrew in climate, Emissions, net zero, weather
Tags: ,


This BBC report trots out the usual evidence-free assertions about the supposed human causes of recent warming. But ignoring the role of natural variation and spending fortunes on the basis of poorly performing climate models looks little better than casino gambling. For waverers the threat of extreme weather is pulled out of the hat.
– – –
Trillions of dollars need to be spent every year for almost three decades to hit net zero targets, according to consultancy McKinsey.BBC News reporting.

On top of current spending, the equivalent of half of all corporate profits will have to be invested to tackle global warming, it says.

McKinsey highlights that gaining acceptance will be tough, especially from those paying energy bills.

But the alternative is more extreme weather, experts have warned.

The McKinsey report estimated that the annual cost of getting to net zero – when carbon dioxide emissions are completely reduced or offset – will be $9.2tn (£6.8tn).

The world is already spending $5.7tn a year to lower the impact of fossil fuels and use alternatives.

However, an extra $3.5tn, every year from 2021 to 2050, will need to be put towards alternative energy sources and land use including agriculture to limit global warming to 1.5 degrees, it said.

That is the equivalent of half of all corporate profits in 2020. It is the equivalent of one quarter of all tax revenue, or 7% of household spending.

This money will be used on “the deployment of new physical assets and to the decarbonisation of existing assets”, McKinsey said.

“It does not include spending to support other adjustments – for example, to reskill and redeploy workers, compensate for stranded assets, or account for the loss of value pools in specific parts of the economy.”

Continued here.

Comments
  1. […] Road to net zero will cost trillions a year, report says […]

  2. JB says:

    ” the alternative is more extreme weather, experts have warned.”

    They be those diehard Medieval alchemist apprentices.

  3. DB2 says:

    $9 trillion a year is more than 10% of world GDP.

  4. Gamecock says:

    ‘Trillions of dollars need to be spent every year for almost three decades to hit net zero targets’

    For the forty-eleventh time, it is bogus to put this on a cost basis. A Net Zero economy won’t have trillions of dollars, or even billions.

    The calculus of Net Zero: as you approach Net Zero, you approach zero economy.

  5. oldbrew says:

    alternative energy sources

    Those who want an alternative to on-demand energy will be in luck, everyone else…not so much
    – – –
    There are also concerns that countries may shut down their energy-intensive industries, and import these goods from other countries.

    That means even if they get to net-zero, the world’s emissions will not be reduced in the process.

    In other news…night follows day.

  6. oldbrew says:

    More garbage to put on the net zero expenses pile…

    Hydrogen blend could see energy bills surge 16%, report warns
    Wed, 26 January 2022

    “Hydrogen can be used in higher priority sectors with a greater impact on emissions.”

    The report says the hydrogen plans would only reduce emissions by 7%. If instead this hydrogen is used in industry and other high sectors, emissions could drop by 30%, the report said.

    The report deals with EU households, but the UK is one of the biggest consumers of gas in Europe.

    https://uk.news.yahoo.com/hydrogen-blend-could-see-energy-230100373.html

  7. adamsmith1922 says:

    Reblogged this on The Inquiring Mind and commented:
    Well worth reading

  8. oldbrew says:

    Joe Biden has issued more oil drilling permits than Donald Trump, despite gushing climate change promises

    President ‘over-promised and under-delivered’ on environment as he approves 3,557 applications for oil and gas drilling on public lands
    27 January 2022

    When he entered the White House, Mr Biden identified climate change as one of four priorities and promised a dramatic reversal after the tenure of Mr Trump, who frequently mocked climate science.

    However, federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s 12-month total of 2,658.

    https://www.telegraph.co.uk/world-news/2022/01/27/joe-biden-issued-oil-drilling-permits-donald-trump-first-year/

  9. oldbrew says:

    Cost of decarbonising private transport
    Thursday 27th January 2022

    In total, electrification will mean ongoing extra operating costs of £107 billion. This amounts to an extra £2,825 per household, approximately doubling the cost of keeping a car on the road. In reality, for many people the cost will not be supportable and they will be forced to rely on public transport.

    https://www.netzerowatch.com/cost-of-decarbonising-private-transport/

    Factsheet: https://www.netzerowatch.com/content/uploads/2022/01/Cost-Decarbonising-Cars.pdf

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