Francesco La Camera, Director General of IRENA, Tuesday, March 29, 2022. Photo courtesy of Francesco La Camera’s Twitter account.
The agency’s 348-page report concluded that $5.7 trillion in renewable energy investment is needed globally each year through 2030 to reduce emissions and meet Paris Agreement targets. on the climate. Currently, these emissions are increasing, not decreasing.
“The energy transition is far from on track and anything short of radical action in the coming years will diminish or even eliminate the chances of achieving our climate goals,” said Francesco La Camera, CEO of IRENA.
Countries agreed seven years ago in Paris to limit global warming to 2 degrees Celsius (3.6 Fahrenheit), ideally no more than 1.5C (2.7F), to avoid consequences potentially catastrophic for the entire planet. A recent report by a United Nations science panel found that with temperatures already more than 1.1°C above the pre-industrial average, billions of people around the world are vulnerable to the impacts of climate change.
The Camera told an energy conference in Berlin that ‘not only the 1.5C, the 2C target is really in danger if we don’t act and radically change the way we produce and consume energy. ”
The Abu Dhabi-based IRENA has suggested that $700 billion in investment be diverted each year from the fossil fuel sector to avoid creating wells, pipelines and power plants that can no longer be used.
This was echoed by UN Secretary-General Antonio Guterres, who called for an end to private sector funding for coal-fired power, which reached record levels last year.
“Lenders need to recognize that coal and fossil fuels are wasteful investments that will lead to billions of dollars in stranded assets,” he said.
As some countries increase domestic fossil fuel production amid rising energy prices and fears of supply shortages due to Russia’s war in Ukraine, António Guterres urged governments not to delay the transition from fossil fuels.
“The current crisis shows that we need to speed up, not slow down, the transition to renewable energy,” he said. “This is the only real path to energy security.”