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.
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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
