Steve MacLellan

The report, titled Carbonomics, coincided with an International Energy Agency special report last week that called for a $3-trillion investment over three years to cement the greenhouse gas emission cuts that accompanied the pandemic lockdown and create a new narrative on climate change. It concluded that long-term fossil investment has already plunged 60% over the last five years.

Goldman Sachs said cleantech investment in the range of $1 to $2 trillion per year through 2030 would create 15 to 20 million jobs worldwide and “keep the world on track to avoid more than 2.0°C of warming,” OilPrice.com reports, “although regulatory and policy changes are still necessary for this scenario to play out.”

The report said cleantech investment “has a major role to play in the upcoming economic recovery,” producing 1.5 to three times as many jobs as fossil fuels. That makes it a “strong example of pro-growth, pro-environment, public-private collaboration,” Goldman stated. By contrast, “financial conditions keep tightening for long-term hydrocarbon developments, creating higher barriers to entry, lower activity, and ultimately lower oil and gas supply in our view.”