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 a report that by 2030, renewables must account for more than 10,000 GW.
It issued a warning that the global effort to meet climate goals 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.
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According to the report, additional funding of $35 trillion will be required by the end of the decade for transitional technologies to achieve the Paris Agreement targets of keeping global warming to 1.5 degrees Celsius.
The organization recognized recent improvements, particularly in the electricity sector, where renewable energy sources currently make up over 40% of installed power globally. The pipeline for green energy, it was noted, is far short of what is needed to stay under the 1.5oC limit.
According to the report, renewable energy deployment levels must rise from about 3,000 gigawatts today to over 10,000 GW by 2030 in order to meet the targets necessary to slow down climate change.
Story was adapted from This Day
