Carbon Trust flags $550bn savings through low-carbon collaboration

Joined-up action by countries around the world in developing innovative clean energy technology could cut more than 10% off the $5trn spend estimated necessary by the International Energy Agency (IEA) to meet 2050 climate change targets, according to a new report from UK government-industry body the Carbon Trust.

The study, part-funded by the UK Foreign and Commonwealth Office Prosperity Fund, calculates some $550bn could be cut out of the cost of deploying low-carbon technologies over the next decade, honing the competitiveness of projects in sectors including offshore wind, marine renewables, energy storage, smart grids and carbon capture and storage.

The report found that while "most of the technologies [needed to underpin the global transition to a low carbon energy system] already exist", the costs associated need to be further trimmed and deployment sped up "to have any chance of meeting 2050 climate change targets".

"Transitioning

Wind

Carbon Trust flags $550bn savings through low-carbon collaboration