BlackRock, the world’s biggest asset manager, warns the US economy is at risk of severe consequences because of climate change and urges investors to wake up. Rising sea levels, increased and more violent hurricanes, wildfires and droughts are all threats that should be factored into investment decisions, it says. Its report examines four scenarios based on different levels of climate action, showing that an immediate and decisive move away from fossil fuels to reduce stop emissions and climate change spiralling out of control will also reduce investment risk. 

Scaling-up renewable energy combined with electrification can deliver more than 75% of the energy-related emission reductions needed to meet global climate goals, says the International Renewable Energy Agency. An accelerated energy transition based on this approach would also save the global economy up to $160 trillion cumulatively over the next 30 years in avoided health costs, energy subsidies and climate damages. Every dollar spent on energy transition would pay off up to seven times, says the report, with the global economy growing by 2.5% in 2050.

The second Gas for Climate study published by Navigant for a group of seven European gas transport companies and two renewable gas industry associations looks at the role of gas in a decarbonised EU energy system. It compares a “minimal gas” scenario with an “optimised gas” scenario. Both arrive at a net-zero emissions system by 2050 via a large scale-up of wind and solar, and blue hydrogen being replaced by renewable green hydrogen towards 2050/2060. In both scenarios, gas volumes used in networks are lower in 2050 than in 2019.