The challenges of re-engineering the global economy by 2050 were already immense, even before the advent of Covid-19
In terms of energy, we are living in an “after-Paris” world. For, in the half-decade since the Paris climate agreement, its impact has only continued to grow. The idea of an energy transition to what is called “net zero carbon” by 2050, which is at the heart of the agreement, is becoming embedded in the strategies of investors and companies and in the policies of governments. There are widespread calls for large green stimuli while interest rates are low. If elected, Joe Biden’s wide-ranging climate plan would put the US on the same path as Britain and European governments.
Yet no one at that Paris conference in 2015 could have imagined that a pandemic would sweep the world in 2020 and impose an economic dark age on people across the globe. What does that mean for mapping the path towards the energy transition?