Global clean fuels will require annual investment of more than $100 billion by 2030.
New Delhi. The World Economic Forum (WEF) has said in a study report that to meet clean energy targets, global clean fuels will require an annual investment of more than $ 100 billion by 2030. Currently, investment of 25 billion dollars is being made in this sector annually. The report says clean fuels can strengthen energy security and economic growth goals and diversify national energy supplies while creating two to three times more jobs than conventional fuel sectors.
This white paper, prepared in collaboration with Bain & Company, outlines the potential of the clean fuels sector to increase job creation and diversify energy supplies. It outlines policy, business and financial measures that can translate the Global Goals into credible, economically viable projects.
What's in clean fuel?
Clean fuels are primarily liquid or gaseous fuels, ranging from biofuels to hydrogen and its components and low-carbon fossil fuels. These are becoming key components of the energy transition. They provide a way for countries to strengthen energy security, support industrial and rural jobs, and reduce emissions in transportation and industry. According to the report, liquid and gaseous fuels provide 56 percent of global energy today.
The report, titled 'Fueling the Future: How Business, Finance and Policy Can Accelerate the Clean Fuels Market', says investments in clean fuels can strengthen existing systems and infrastructure and create options for sustainable economic growth. Although clean fuels currently make up just over one percent of global clean energy investments, ambition is growing.
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Achieving this ambition will require coordinated action across policy, finance and industry. This will lead to a pipeline of more viable projects that deliver returns to investors and long-term value to national economies.