Top Posts
Report: African cities move to address carbon-neutral development
Niger govt bans tree cutting, establishes agency to...
HEDA asks senate to hold IOCs accountable for...
FG issues flood alert for in 29 states,...
Lagos State Govt reassures residents over flash floods
NGO empowers women on climate resilience in Kaduna
Brazil launches COP30 accommodation platform after pressure from...
Pakistan’s deadly floods worsened by global warming: study
Putin decree allows Russia to increase greenhouse gas...
New study shows climate change cancelling major events
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

IRENA says $35trn required in transitional technologies to limit climate change

by Matthew Atungwu April 25, 2023
written by Matthew Atungwu April 25, 2023
525

To keep global warming to 1.5 degrees Celsius, the International Renewable Energy Agency (IRENA) estimates that over $35 trillion in funding for transitional technologies will be required by the end of the decade.

IRENA stated in research that by 2030, renewables must account for more than 10,000 GW.

It issued a warning that the global effort to meet climate objectives and avert the worst effects of the catastrophe was presently off course. The existing track’s route would need to be changed significantly, according to IRENA.

According to the report, this will necessitate not only more ambitious climate policies from all nations but also a major increase in investment and international assistance for a green transition in low-income nations.

The report found that an extra $35 trillion of funding will be needed for transitional technologies by the end of the decade to reduce global heating to 1.5 degrees Celsius, as stated in the Paris Agreement targets.

Read Also: environment-governance-sustainability-panacea-to-combat-climate-change-groups

The organization acknowledged the progress of recent years, mainly in the power sector where renewables now account for 40 percent of installed power globally. However, the green energy pipeline is far below the amount required to stick to the 1.5oC limit, it said.

To achieve the targets required to limit climate change, renewable energy deployment levels must increase from some 3,000 gigawatts today to over 10,000 GW by 2030, it added.

Most of the progress to date has been concentrated in a few specific regions, with China, the European Union and the US accounting for two-thirds of all new green energy in 2022.

Many developing economies are falling behind, and many continue to rely on fossil fuels as their main source of energy.

Experts worry that too much money is still being pumped into fossil fuel projects, with the risk of leaving stranded assets as the world transitions to green.

The IRENA report came shortly after the publication of a landmark UN Synthesis Report last month, which urged governments to act more radically on climate change.

Story adapted from ThisDay

IRENA
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Environment, governance sustainability panacea to combat climate change —Groups
next post
Taraba flood submerges 300 homes

Related Posts

Brazil launches COP30 accommodation platform after pressure from...

August 7, 2025

Pakistan’s deadly floods worsened by global warming: study

August 7, 2025

Putin decree allows Russia to increase greenhouse gas...

August 7, 2025

New study shows climate change cancelling major events

August 4, 2025

ICJ says countries to be held accountable for...

August 4, 2025

Report shows PR firm working for Shell wins...

July 30, 2025

Study shows climate change could make ‘droughts’ for...

July 30, 2025

UN agency says deadly floods show need for...

July 22, 2025

UN climate change director calls for urgent action...

July 18, 2025

Environmental activist dismisses CoP meetings on climate change...

July 18, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World