Executive Summary

  • The transition to net zero—a target of completely eliminating additional greenhouse gas (GHG) emissions—will require investment of over $100 trillion over the next three decades.
  • Global efforts to address climate change are broadening, deepening and accelerating. Over 125 countries now have net-zero emissions commitments—including China, the European Union and Japan—and the Biden administration is committed to building a clean energy economy in the U.S. by 2035.
  • As public expectations for climate action grow and climate policies become more concrete, major companies are committing to net-zero targets and will be under increasing pressure to develop science-based transition plans.
  • Investors will increasingly be expected to manage climate risks and realize the enormous opportunities from the transition, which will involve virtually every sector of the economy.
  • Driving the transition to net zero will require both significant capital and deep operational/development expertise. Those with extensive operating experience and knowledge of renewable power, infrastructure and business transformation are well positioned to help companies become more competitive in a zero-carbon world.