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The $9tn question: how to pay for the green transition

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: In Falls County, Texas, Avangrid is developing its largest solar project, the True North, with a 321 megawatt capacity, set to power over 55,000 homes

🔭 The context: The True North project is part of a broader shift towards renewable energy, encouraged by federal subsidies and tax credits under the Inflation Reduction Act

🌍 Why it matters for the planet: To adhere to the 2015 Paris agreement goals, substantial investment in renewable energy, efficiency improvements, and infrastructure resilience is necessary
• True North represents a critical step in reducing reliance on fossil fuels and enhancing sustainability

⏭️ What's next: With the completion expected next year, True North will contribute significantly to renewable capacity
• Future projects will need to continue this momentum as governments and businesses face the daunting task of financing the green transition

💬 One quote: "We don’t have the money," John Kerry, former U.S. presidential candidate and special climate envoy, emphasized the financial challenges in transitioning to cleaner energy sources.

📈 One stat: An estimated 1,000 gigawatts of renewable power capacity need to be built annually until 2030 to meet global climate goals.

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