Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to outpace outlays on oil production for the first time.
It is nice that solar is finally in the lead, but it is deeply worrying, that the investions into oil are still at around 400bn $/a.
We need to be net neutral within the remaining emission budget, which is generally projected at 2050. The budget for the 1.5 °C goal at current emissions speed, runs out in 6 years
So these oil investments would need to have an ROI greater than 12% to become profitable within the next 6 years. Anyone who is involved in infrastructure and industry knows that to be ludicrous. Realistically these investments are projected with 30-50 years of operations. In order to meet 2050 we need zero oil investments right now
It is nice that solar is finally in the lead, but it is deeply worrying, that the investions into oil are still at around 400bn $/a.
We need to be net neutral within the remaining emission budget, which is generally projected at 2050. The budget for the 1.5 °C goal at current emissions speed, runs out in 6 years
https://www.mcc-berlin.net/forschung/co2-budget.html
So these oil investments would need to have an ROI greater than 12% to become profitable within the next 6 years. Anyone who is involved in infrastructure and industry knows that to be ludicrous. Realistically these investments are projected with 30-50 years of operations. In order to meet 2050 we need zero oil investments right now