‘World needs to double investment in renewable energy’

For climate safety, the International Renewable Energy Agency, ( RENA) has warned that the share of renewables in the global energy mix must more than double by 2030 for the world to advance the energy transition and achieve sustainable development goals.

According to the IRENA, renewable electricity should supply 57 percent of global power by the end of the decade, up from current 26 percent.
IRENA stated this at the start of what has been billed as a ‘decade of action’. The 10 Years: Progress to Action study published for IRENA’s 10th annual assembly, charts recent advances and outlines the measures still needed to scale up renewables.

IRENA said for a sustainable future, fossil fuel investment must be redirected, by ensuring that the yearly renewable energy investment should be more than double, from around $330 billion presently to near $750 billion, to deploy renewable energy at the rate that is required.   

The Abu Dhabi-based agency declared that, renewable electricity must account for 29percent of final energy consumption and fossil-fuel use must decline by 20percent.IRENA director-general Francesco La Camera said, “We have entered the decade of renewable energy action, a period in which the energy system will transform at unparalleled speed. To ensure this happens we must urgently address the need for stronger enabling policies and a significant increase in investment in renewables over the next 10 years. Renewables hold the key to sustainable development and should be central to energy and economic planning all over the world. Much of the investment needed could be met by redirecting fossil fuel funds”.

IRENA stated that almost $10 trillion of non-renewables energy investment is planned to 2030, risking stranded assets and increasing the likelihood of exceeding the world’s sub-1.5 degrees Celsius carbon budget this decade.By comparison, the director general said the world invested $3 trillion in renewables in the last 10 years. The agency disclosed that additional investments bring significant external savings, including minimising the significant financial losses caused by climate change as a result of inaction. While the potential savings could amount to $1.6-3.7 trillion per year by 2030, three to seven times higher than the investment cost of energy transition.The organization predicted that by 2030, there could be 30 million renewable energy jobs, including 11.7 million solar opportunities.

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