According to a Goldman Sachs study, spending on renewable energy will exceed investment in the oil and gas sector for the first time next year. Analysts also suggest that about $16 trillion will be invested in clean energy over the next ten years.
Renewable energy, including biofuels, is expected to account for about a quarter of all energy costs in 2021. By comparison, five years ago this figure was only 15%. Part of this growth is due to an increase in the average rate to 20 percent in lending for hydrocarbon projects and a low 3 percent lending rate for clean energy.
The renewable energy sector will start attracting $1 trillion to $2 trillion a year in infrastructure and thus create 15-20 million jobs worldwide. While the rising cost of developing fossil fuels could lead to lower investment, higher oil and gas prices, and ultimately an accelerated transition to renewable fuel.
According to Goldman Sachs, to further "decarbonize" the global economy, the use of "emission allowances" must be significantly expanded and payments for pollution must be increased. So far, extractive companies pay for only 16% of global emissions. These measures are already sufficient for the rapid growth of wind and solar power, as well as the biofuel market. However, zero-emission energy, such as hydrogen, is still too expensive for widespread use.