Investing in clean energy is just a third of the amount needed to meet future net zero goals, fight climate change and avoid turbulent energy markets, the International Energy Agency said. warning On Wednesday, he called on world leaders to do more to tackle climate change ahead of a major UN summit in November.
IEA director Fatih Birol said the current pledge to cut emissions would achieve just 20% of the reductions by 2030 needed to get the world on a path to zero zero by 2030.
Global investment in clean energy and infrastructure projects will need to “triple” over the next decade, Birol said, about 70% of which will need to flow into emerging and developing economies.
In addition to risking catastrophic climate change, Birol warned that failure to invest risks fueling extreme volatility in global energy markets.
The transition to green energy and net zero by 2050 isn’t as difficult as it might seem, the IEA said, with emissions reductions of more than 40% — through measures such as wind or solar power, limiting gas leakage and efficiency. Improving – effectively paying for itself.
The investment needed to reach net zero will also create opportunities, the IEA noted, pointing to new markets for wind turbines, solar panels and lithium-ion batteries, “well” up to $1 trillion a year by 2050. .
The IEA also said its goals would double the estimated 13 million jobs created by existing pledges.
To avoid the worst effects of climate change, international experts have agreed that global warming should be limited to 1.5C above pre-industrial levels. This figure is a cornerstone of the Paris climate agreement and a key part of the goal of reaching zero by 2050. In its most recent report, the world’s leading climate science authority, the United Nations Intergovernmental Panel on Climate Change, Firmly Attributed global warming to human activity – 1.1C of which greenhouse gases have been emitted since the late 19th century – and warned that temperatures would exceed the 1.5C threshold within the next 20 years unless Strict action is not taken to reduce emissions. Although emissions declined during the pandemic amid widespread economic shutdowns, they rapidly returned to pre-pandemic levels this year, and the IEA has already warned energy demand should be driven out of investment in renewables. Climate change is responsible for the increasing number and severity of meteorological disasters around the world, including extreme cold, hurricanes, floods, wildfires and droughts in the US.
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The report comes ahead of the COP26 climate summit in Glasgow, Scotland, which is scheduled to take place during the first two weeks of November.
“The world’s extremely encouraging clean energy momentum is running against the stubborn power of fossil fuels in our energy systems,” Birol said, urging governments to address this in COP 26. “The social and economic benefits of accelerating the clean energy transition are enormous, and the cost of inaction is enormous.”
Climate targets are at risk as increasing demand for renewable energy increases, IEA warns (Businesshala)