Earlier this month, McKinsey published its quarterly five-fifty on the net zero transition. In the statement, the company noted the economic windfall that could be available for those who choose to adopt clean and renewable energy sources.
While praising the opportunity available in renewable energy sectors, the company also noted the risks and raised concerns about the reliability of those energy sources.
In the "Five-Fifty" that was published on May 10, McKinsey stated, "A shift in spending from high- to low-emissions assets could create the largest reallocation of capital in history—a potential boon for the environment and the economy alike."
The company has projected that the net zero transition will drive annual energy spending up to a staggering $9.2 trillion as governments and industries as a whole work to shift towards more renewable sources of energy. It also predicted that new spending on low-emission assets and equipment will top $3.5 billion each year.
In Texas, the move toward renewable energy and investment in associated sections has been significant. Since 1999, no state has added more renewable energy sources to its electricity grid than Texas. These investments have been driven by more than $24 billion in funding made available by federal, state, and local subsidies.