Federal and household spending on energy in the US and Canada will drop sharply as the two countries reduce their reliance on fossil fuels, according to DNV’s Energy Transition Outlook North America. The new report explores the most likely energy future of the US and Canada to the middle of the century, and it forecasts US$12 trillion will be spent in the two countries on grid and renewables between now and 2050. The intrinsic efficiency of renewables and electrification means that overall expenditure on energy will be the equivalent of 2.5% of GDP by 2050, compared to 4% now. The report forecasts CAPEX on renewables will overtake fossil fuel
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