The cost of solar has been halved, while wind costs have also fallen by almost one-third, according to McKinsey. This is due to rapid technological developments and supply chain optimisation. As a result, 61% of new renewable capacity installation is currently priced lower than fossil fuel alternatives. Renewables will become the new baseload generation and will account for 50% of the power mix by 2030 and 85% by 2050 as build-out rates for solar and wind grow by a factor of five and eight respectively. Global fossil fuel demand will peak between 2023 and 2025, it says. 

Climate change, left unchecked, could cost the global economy $178 trillion by 2070, says Deloitte. But if a net-zero emission economy is achieved by 2050, the world could instead see a $43 trillion economic boost by 2070. Deloitte surveyed 23 countries and found that nearly half of them had experienced a climate-related event in the previous six months. Meanwhile, 89% of C-Level executives surveyed agreed there is a “global climate emergency” while 79% see the world is at a tipping point. 

One of the most efficient ways to transport hydrogen appears to be blending it with natural gas in existing pipelines. But there are lots of reasons why this is an unsuitable solution. Due to a different molecular weight, an 80% natural gas-20% hydrogen blend would only achieve at most a 7% reduction in carbon dioxide emissions, according to IRENA. Because hydrogen is more expensive, such a blend would also cost gas consumers more. Additionally, it is expensive to separate hydrogen from fossil gas for other uses; gas consumption fluctuates seasonally whereas hydrogen demand does not; while blending technology remains immature.