To meet the Paris Agreement a ‘massive redirection’ of spending from carbon-heavy investment into clean energy is required, according to a recently released report by classification society DNV.
Recognising key players in the energy transition, the organisation stated that financiers, bankers and governments have an essential role to play to achieve a 50% reduction in emissions by 2030.
At current rates, DNV forecasts that the budget for a 1.5C ‘future’ will be exhausted in 2029 with an emission reduction of only 9%.
Numerous challenges are being faced by financiers, policymakers and energy companies including pricing the risk of multi-decade energy projects and improving the profitability of clean-energy opportunities, according to DNV’s report, ’Financing the Energy Transition’.
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