The private sector is the major source of innovation, technology and investments that can transform the global energy system.
Power plants retrofits
Power plant retrofits achieving the highest levels of efficiency possible today would reduce annual CO2 emissions by 2.5 Gt. Siemens is equipping a gas and steam combined cycle power plant in Germany with the world’s largest gas turbine. This facility will achieve an efficiency rating of 60 per cent (by comparison, the best coal-fired plants reach 46 per cent). Building 20 such combined cycle power plants every year between now and 2050 would result in further savings of 1.6 Gt. All in all, retrofitting and new construction of state of the art fossil fuel facilities alone could reduce CO2 emissions by 4.1 billion tonnes, which is the amount of CO2 all of Europe currently emits.
