Countries Urged to Triple Investments in Renewable Energy

Geneva: Investments in renewable energy need to triple by 2050 to put the world on a net zero trajectory by 2050, a new multi-agency report from the World Meteorological Organization (WMO).
 
WMO’s State of Climate Services annual report, which includes inputs from 26 different organizations, focuses on energy this year because it holds the key to international agreements on sustainable development and climate change and, indeed, to the planet’s health.
 
“The energy sector is the source of around three-quarters of global greenhouse gas emissions. Switching to clean forms of energy generation, such as solar, wind and hydropower – and improving energy efficiency – is vital if we are to thrive in the twenty-first century. Net zero by 2050 is the aim. But we will only get there if we double the supply of low-emissions electricity within the next eight years,” said WMO Secretary-General Prof. Petteri Taalas.



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In 2019–2020, most renewable energy investments were made in the East Asia and Pacific region (mainly China and Japan), followed by Western Europe, and North America.
 
Developing countries are underrepresented when it comes to accessing clean energy finance.
 
International public financial flows to developing countries in support of clean energy and SDG 7 achievement decreased in 2019 for the second year in a row, falling to US$ 10.9 billion. 
 
This level of support was 23% lower than the US$ 14.2 billion provided in 2018, 25% lower than the 2010–2019 average, and less than half of the peak of US$ 24.7 billion in 2017.
 
“Time is not on our side, and our climate is changing before our eyes. We need a complete transformation of the global energy system,” said Prof. Taalas.

 

(WAH)

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