Goldman Sachs see renewable investment surging while fossils pay huge risk premium

ENERGY CENTRAL | With global fossils paying the equivalent of a US$40 to $80 per ton carbon price to compensate for the heightened risk investors see in their projects, private dollars flowing to solar, wind, battery storage, and electric vehicles are on track to exceed oil and gas for the first time next year, kicking off a US$16-trillion surge in the course of this decade, investment bank Goldman Sachs concluded in a report issued last week.

The report, titled Carbonomics, coincided with an International Energy Agency special report last week that called for a $3-trillion investment over three years to cement the greenhouse gas emission cuts that accompanied the pandemic lockdown and create a new narrative on climate change. It concluded that long-term fossil investment has already plunged 60% over the last five years.

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