It's about getting cars and trucks to run on electricity, and generating electricity cleanly, writes Tim Mullaney.
If all you have is a hammer, everything looks like a nail. But maybe it doesn’t have to if you look closer.
“About 20% of the world’s energy is from electricity,” said Sameer Chopra, the head of the team at Merrill. “That needs to go to 50%, and the electricity needs to have 80% less carbon.” Government data makes clear: The greenhouse gases that matter come from electricity and transportation. Fix them, and the rest is details.What must be done With that in mind, consider Chopra’s team’s major conclusions, which square with work by consultants at Mercer and the British firm Wood Mackenzie.
Before getting bummed, wait: This is a small number in context, Chopra explained in an interview. Global gross domestic product is about $88 trillion this year, according to the World Bank, so a trillion over a few years is a quarter of a percentage point of GDP. It’s a bargain How much money is this, really? Last year, companies and governments raised $7.4 trillion in the U.S. bond market alone. So, $700 billion a year isn’t that much for a big, global task done by millions of people and thousands of companies. U.S. companies alone spent $823 billion on stock buybacks in the 12 months ending in June, Yardeni Research says.
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