Back in 2020, BloombergNEF estimated the cost of a grid overhaul at $14 trillion over the thirty years between 2020 and 2050.
, there are not enough people to build the wind and solar installations that the transition to net zero would require. And the rate at which people are acquiring these transition-essential skills is lagging far behind transition plans, as the FT Each of these challenges on their own can derail the transition because they would derail the vital upgrade of the grid. Taken together, they make the transition—at least as currently planned in the West—near impossible to accomplish.
Simply put, reliable, 24/7 power generation capacity is being retired faster than the grid is being adjusted for intermittent wind and solar—and faster than new wind and solar generation capacity are being built. To say that this is not exactly optimal for a healthy power supply is to put things mildly.
Per the report, “projects must also have agreements with landowners and communities, power purchasers, equipment suppliers, and financiers, and may face transmission upgrade requirements.”
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