Fast Transition: A North American power and natural gas sensitivity case exploring faster decarbonization through electrification.
Since 2005, carbon dioxide emission in the power sector as
declined 27% in the United States and 36% in Canada. Many European
governments and states like California have announced net-zero
targets. Much deeper emissions reductions in are required in order
to achieve that.
Can North America's power sector achieve net-zero emissions? IHS
Markit explores this world through detailed modeling of a deeply
decarbonized power sector through 2050, called Fast Transition, in
which electrification of transportation and other end uses lead to
35% demand growth in North America grid-connected power which will
require 75% increase in capital expenditure in power generation and
transmission, or about $6.9 trillion. This will result in a tenfold
growth in wind and solar capacity from today.
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