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There seems to be some disagreement on numbers in various reports. This article says: > "Global spending on solar power, the IEA projects, will hit $382 billio
by photochemsyn 3y ago
There seems to be some disagreement on numbers in various reports. This article says:
> "Global spending on solar power, the IEA projects, will hit $382 billion this year. That’s more than $1 billion per day. Investment in oil production, meanwhile, is estimated to total $371 billion."
In contrast, this articles says:
> "The annual Banking on Climate Chaos report, authored by a group of nonprofits, including Rainforest Action Network, said banks provided $673 billion in finance to the fossil-fuel industry last year. Canadian banks are providing a rising share of the money, though U.S. lenders are still the dominant player."
https://www.barrons.com/articles/banks-financing-fossil-fuels-climate-change-575b3437 https://www.barrons.com/articles/banks-financing-fossil-fuel...
The discrepancy could be that the latter includes coal and gas investment, while the former is just oil?
More solar is good news, but it'll have little if any effect on global fossil CO2 emissions, as demand for energy in the developing world is steadily approaching the levels seen in industrialized nations. Replacing fossil fuels with renewables on any short (decadal) timespan would require at least a 10X increase in renewable investment over today's levels.