Friday 24 November 2023

Global grid upgrades could save $3tn by 2040

Global grid upgrades could save $3tn by 2040

Global grid upgrades could save $3 trillion (£2.3tn) on net zero power systems by 2040.

That's according to analysis by climate analytics non-profit TransitionZero, which suggests an additional $1.7 trillion (£1.3tn) investment in transmission infrastructure could significantly reduce global electricity decarbonisation costs.

The study, titled 'Cables to Change the World,' emphasises the pressing need to modernise grids for optimal access to low cost renewable power. 

China, aiming for an additional 500GW of transmission and interconnector capacity by 2040, has the potential to save $557 billion (£442bn) with strategic investments.

In the US, where grid capacity must double by 2040 with an additional 289GW, potential savings of $1.9 trillion (£1.5tn) could be achieved, according to the report.

South East Asia, requiring $191 billion (£151bn) in grid investments, stands to save $99 billion (£78.6bn) for a net zero power system.

Europe, the world's largest interconnected grid, needs a $71 billion (£56.4bn) investment, leading to potential savings of $350 billion (£278bn).

Written by

Sumit Bose

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