The current German coalition government is searching for to speed up the country’s transition from fossil fuels and nuclear energy to renewable and sustainable technique of energy production.
Sean Gallup | Getty Images | News Getty Images
In accordance with the head of the International Renewable Energy Agency, the global energy transformation is not geared toward stopping the worst effects of the climate crisis, and a fundamental course correction is vital to effectively move away from fossil fuels.
Report published by IRENA on Tuesday said a further $35 trillion in investment in transition technologies can be needed by 2030 to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
This temperature threshold corresponds to the aspirational goal of the landmark Paris Agreement.
It is widely considered a key global goal as so-called tipping points turn out to be more likely beyond this level of world warming. Tipping points are thresholds at which small changes can result in dramatic changes in the entire life support system on Earth.
“We have gone off track,” Francesco La Camera, CEO of IRENA, told CNBC’s “Squawk Box Europe” on Tuesday.
La Camera said IRENA’s findings show that progress has been made in the energy transition, particularly in the energy sector where renewables account for 40% of installed energy globally – but the scale and extent of the changes to this point are removed from the 1.5 degree Celsius path .
IRENA said deployment levels need to extend from around 3,000 gigawatts today to over 10,000 GW in 2030.
The agency also noted that deployment is limited to certain parts of the world, with China, the EU and the US accounting for two-thirds of all recent arrivals in 2022, leaving low-income countries further behind.
“Survival Guide for Humanity”
The IRENA report comes shortly after the world’s leading climate scientists published “a survival guide for humanity.
The UN’s Intergovernmental Panel on Climate Change said earlier this month that the unprecedented challenge of keeping global warming to 1.5 degrees Celsius has turn out to be even greater in recent times on account of the relentless increase in global greenhouse gas emissions.
The IPCC said deep, rapid and sustained reductions in greenhouse gas emissions across all sectors shall be vital to limit warming to 1.5 degrees Celsius.
The IRENA report, meanwhile, stated that a successful global energy transition must include daring and transformative measures that reflect the urgency of the climate crisis.
A vehicle drives past a dried-up, cracked lake on its technique to Boulder Harbor in drought-stricken Lake Mead, September 15, 2022, Boulder City, Nevada.
Frederic J. Brown | AFP | Getty Images
Investments, comprehensive policies around the world and across all sectors must take steps to develop renewables, the report adds, and implement the structural changes required for an energy transition based totally on renewables.
“The process through which we help is unstoppable. So we’re moving to a recent energy system that shall be largely dominated by renewables, supplemented by hydrogen – mainly green hydrogen – and the sustainable use of biomass,” he told La Camera CNBC.
“In the medium to long run, it will occur, so the query is not where we’re going,” he added. “It is vital to grasp that the most vital variable is time.”
Blocked asset warning
Actually, the burning of fossil fuels similar to coal, oil and gas is the foremost driver of the climate crisis.
Saudi Arabia’s state-controlled oil giant Aramco on Sunday announced plans to construct a $10 billion refining and petrochemical complex in northeast China over the next three years, saying the company is attempting to support Beijing’s growing demand for fuels and chemical products.
Asked whether firms are selecting to speculate in the traditional oil and gas sector and whether this implies losing investment in renewables, La Camera replied: “There is little question that from our viewpoint this is not the right direction. produce stranded assets.
“This is the reason why we insist … to work on specializing in infrastructure, but additionally on shifting our focus from the supply side of the problem to the demand side,” he added.
“We very much hope that the UNFCCC Dubai conference will result in constructing a recent narrative that may higher guide investment in the coming years and speed up the energy transition as well,” said La Camera.
The United Arab Emirates will host the COP28 climate summit from November 30 to December 12.