Mariana Mazzucato: It’s 2023. Here’s How We Fixed the Global Economy. The European Union was the first to take concrete steps in this direction after agreeing in August to a historic €1.8 trillion recovery package. As part of the package, the E.U. made it mandatory for governments receiving the funds to implement strong strategies for addressing climate change, reducing the digital divide and strengthening health systems. In late 2020, this ambitious recovery plan helped the euro stabilize and ushered in a new European renaissance, with citizens helping to set the agenda. The European leadership used challenge-oriented policies to create 100 carbon-neutral cities across the Continent. This approach led to a resurgence of new energy-efficient buildings; revamped public transport designed to be sustainable, accessible and free; and an artistic revival in public squares, with artists and designers rethinking city life with citizenship and civic life at its heart. Governments used a digital revolution to improve public services, from digital health to e-cards, and create a citizen-centered welfare state. This transformation required both supply-side investments and demand-side pulls, with public procurement becoming a tool for innovative thinking that funneled through all branches of government.
Time 22nd Oct 2020 read more »
Governments worldwide have committed over $12tn to recover from the Covid-19 pandemic, spent over the next 5 years. Current estimates say the energy transition needs $1.4tn/year globally between 2020 and 2024 to get us on the path to meet the 1.5oC Paris goal. Clearly, there is an opportunity here. Although support for healthcare systems and the overall economy are the stated priority of governments, much of that $12tn is still not committed. Writing for Carbon Brief, Marina Andrijevic and Joeri Rogelj summarise the findings in their paper that has crunched the numbers while accounting for existing policies and spending on clean energy and fossil fuels. Clean energy is already likely to get £1.1tn/year over the next 5 years. Fossil fuels the same. Paris-compatibility requires fossil fuel divestment of $280bn, so if that money is directed at clean energy we are only $20bn away from target. Surely there is plenty of leeway in the $12tn to make sure the money is there, explain the authors. They end by noting that large disparities between different countries’ ability to transition means international cooperation will be essential. This is another analysis that shows the total cost is not the problem. It’s the will of citizens and politicians to confront the real-world disruption that the energy transition requires.
Energy Post 22nd Oct 2020 read more »
Politicians and business leaders want the country to deliver a green revolution, create jobs and boost the economy. As part of its high-profile Build Back Better campaign, Utility Week in association with Addleshaw Goddard has published a major new report exploring the significant role utilities can play in fulfilling these ambitions. The Green Recovery looks at where the biggest opportunities lie in green investment, the vital policy changes required and the barriers standing in the way of energy and water companies as they transition to net zero. The 40-page insight report provides a comprehensive analysis based on research and interviews with 25 experts into the current state of play in major areas of transition, including heat, transport, electricity distribution and water. Its charts, figures and data provide a rich source of essential information. Some of the key themes covered across seven chapters include: Green generation – what is the right energy mix and what mechanisms and incentives are needed to achieve this balance? Plus, what role for nuclear? Net zero networks – how can transmission and distribution companies bring forward investment – and is the regulator really standing in their way? EV rollout – can we bring forward the petrol and diesel vehicle phase-out date to 2030 and can manufacturers, energy companies and chargepoint suppliers pick up the pace to make this possible? Cutting emissions in buildings – has the chancellor done enough in a £3bn investment package announced in July to kick start a great energy efficiency revolution? Low carbon heat – why the UK is leading in hydrogen technology – even if we are lacking in a clear strategy? Water’s net zero challenge – water companies pledge to be net zero by 2030 – how are they doing that and how will it develop? A PDF of the Green Recovery is available to download for free to members and non-members.
Utility Week 20th Oct 2020 read more »