A recent report from the International Renewable Energy Agency (IRENA) has revealed that the world needs to increase its annual investments in renewable energy by four times to meet climate goals.
IRENA noted that in order to meet the Paris Climate Agreement’s goal of keeping temperature increases to 1.5 degrees Celsius over pre-industrial levels, annual global expenditures in renewable energy technology must reach $5 trillion.
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A record $1.3 trillion was invested in renewable energy last year, but that is not enough to stop climate change.
According to IRENA, transition technology—which encompasses increasing productivity, electrification, grid expansion, and flexibility—will cost $35 trillion worldwide by 2030.
Story was adapted from oilprice.com
