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Offshore wind farms to invest $1.2 trillion to hit climate goals
An influx of new offshore wind farms around the world is set to invest an estimate of $840 billion over the next two decades, the International Energy Agency (IEA) said.
The Paris-based institution’s outlook for an additional 20 gigawatts of new offshore capacity a year would still not be enough to hit global climate targets. Capacity additions would need to be nearing 40 gigawatts a year in the next decade. This would cost over $1.2 trillion worth of investment according to the IEA in a Friday report.
The water-sited windmills could provide more electricity than there is demand for a number of countries like Europe, the U.S.A, and Japan, the agency reported. The technology has boomed in recent years and is set to grow in newer markets such as the U.S. and China.
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
The U.S. Federal Reserve eased another $2 million in emergency loans this week to help struggling U.S. businesses amid the recession. The Fed’s overall asset portfolio reported growth for the second week, holding above $7 trillion. The ...
The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export ...
The U.S. Federal Reserve’s holdings of bonds and other securities fell on its fourth consecutive week, dropping below $7 trillion, while one key emergency liquidity measure slid to zero. The market took this as a sign that financial ...
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