According to a report by the International Renewable Energy Agency (Irena), global investments in energy transition technologies need to quadruple to $35tn by 2030 to achieve targets set under the Paris Climate Agreement. Increasing renewable capacity from 3,000 to 10,000 gigawatts by 2030 will require about $5tn annually to limit temperature increases to no more than 1.5 degrees Celsius. Francesco La Camera, Irena’s Director-General, emphasises that dramatically increasing investments is critical due to the timeline involved. Multilateral financial institutions and lenders are urged to direct more funds towards energy transition projects and further develop the infrastructure required for a new energy system.
Renewable energy investments totalled $1.3tn worldwide in 2021, however, Asia led the way in adding renewable capacity, contributing to China, the EU and the US adding two thirds of renewable capacity worldwide. Mr La Camera explains that a profound and systemic transformation of the global energy system is necessary to accelerate the energy transition and approaches that merely mitigate, without moving towards renewables, will fall short. Despite recent progress in limiting global warming, the African continent experienced only 1% of new renewable capacity, calling for a fundamental shift in support towards developing nations.
Lastly, the International Energy Agency (IEA) has also focused on increasing renewable energy investments to cut emissions, indicating that they must double to over $4tn by 2050 to meet net-zero emissions targets. However, the IEA’s stated policies scenario, dependent upon existing global policy settings, expects clean energy investment to only rise to $2tn by 2030, underlining the need for increased action to be taken promptly.
عبدالرحمان زمین پیما
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آرمان جعفری
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