In order to meet global net-zero emissions by 2050 it will cost trillions of dollars—and oil might be the one thing needed to fund it.
- Countries everywhere are setting goals to reach net-zero emissions, which is a balance between the amount of greenhouse gasses used and the amount that is removed.
- There is a big talk of reaching global net-zero emissions by 2050, but in order to do that it will cost trillions of dollars and that funding has to come from somewhere.
- The one place where the money could come from is fuels, specifically oil.
Why it’s news
In order to reach net-zero emissions there must be a balance of how much greenhouse gasses are going into the atmosphere and how much is being taken out. When no more is going in than is being taken out net zero is reached.
Having the balance of the two is what is needed to save the earth and stop global warming, but it’s easier said than done.
Many countries have made the pledge to become net zero by a certain date by introducing clean energy plans involving things like wind turbines and solar panels.
In order to reach global net zero emissions by 2050 it will cost trillions of dollars and people are looking to the oil companies for funding.
The biggest energy market is oil where the current cost of consumption is more than $9 billion a day. The International Energy Agency (IEA) has outlined possible ways to cut back on spending to provide the trillions needed to combat climate change.
Countries have implemented net-zero policies and depending on how much oil they are willing to cut back the demand for oil could highly slump near 2030.
The majority of money saved by oil spending will not start adding up until around 2030 and be well into the trillions by 2050 helping to meet the goal of net zero emissions.