Berlin, March 29 (BNA): The International Renewable Energy Agency (IRENA) said today, Tuesday, that global investments in energy conversion technologies must more than quadruple annually to align with commitments made under the Paris climate agreement.
Investments in renewable energy technologies reached a record $1.3 trillion last year, but that figure must rise to about $5 trillion annually to meet the main target of the Paris Agreement to limit temperature rises to 1.5 degrees Celsius (2.7 Fahrenheit) above pre-levels. industry, according to the International Renewable Energy Agency. .
In total, the world needs about $35 trillion for technology transformation by 2030, including improved efficiency, electrification, grid expansion and resilience, the International Renewable Energy Agency said.
The International Renewable Energy Agency said renewable energy deployment should grow from about 3,000 gigawatts annually today to more than 10,000 gigawatts in 2030, adding that more equality in renewable expansion is needed between industrialized and developing countries.
New renewable energy projects in China, the European Union and the United States accounted for two-thirds of installed capacity last year, while Africa accounted for only 1% of installed renewable energy.
“The fundamental shift in support for developing countries must focus more on energy access and climate adaptation,” said IRENA Director General Francesco La Camera, calling on financial institutions to direct more money towards energy transition projects with better conditions.
The International Renewable Energy Agency (IRENA) has called for planned fossil fuel investments—about $1 trillion in fossil fuel investments annually by 2030—to be directed toward renewable energy technologies and infrastructure.
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