October 3, 2022
Report finds 2030 climate goals require investments of tn annually

Avoiding the devastating effects of climate change requires an annual investment of about $1tn in renewable energy and up to $130bn in hydrogen by 2030, concludes a landmark report from 45 world leaders.

The report calculated that the world would need to add four times the amount of renewable energy each year until 2030, and drastically increase hydrogen production to reach net zero emissions and halt global warming from the burning of fossil fuels. .

An additional 8TW of renewable capacity will be needed by 2030, up from about 3TW last year, according to research jointly published by the International Energy Agency, the International Renewable Energy Agency and the United Nations ahead of the COP27 climate summit in November.

The supply of “renewable” and “low-carbon” hydrogen, the latter of which uses carbon capture technology to curb emissions, will also need to increase to about 150 million tonnes by 2030 – meaning each year from 2023. will be doubled.

The paper was commissioned by 45 governments that make up 70 percent of the global economy, which it dubbed the “Agenda for Success” at the United Nations Climate Summit to make clean technologies affordable and accessible by 2030. EU block countries, Australia, Egypt and Nigeria.

The findings focused on five key sectors of electricity, road transport, steel, hydrogen and agriculture, which together account for more than 50 percent of current global emissions.

Recommendations to reach the goals include the negotiation of international standards for “low-carbon” hydrogen, higher minimum energy performance standards for energy-intensive equipment, and common target dates by which all new road vehicles must be zero emissions.

Currently, a piecemeal approach is being adopted by countries and even within states and territories towards these goals.

“Progress is not yet fast enough to meet the goals that countries have agreed on under the success agenda,” it said.

The report said countries and companies should work together to create and scale markets for clean technologies, including through procurement commitments and processes to finance and technical assistance to coal-producing countries to move away from fossil fuels. included from.

Among the biggest obstacles was a “cooperation gap” that threatened to delay reaching net zero “by decades”, it warned.

While the global energy crisis as a result of Russia’s invasion of Ukraine has increased demand for renewable energy, difficult economic conditions have prompted countries to take a protectionist stance.

“We are entering the first truly global energy crisis. . .[which is]IEA executive director Fatih Birol said, “affecting almost everyone around the world.” “It is important to separate fact from fiction. . .

Developing countries have branded as hypocrisy the demand made by European countries for alternative gas supplies, which are no longer being imported from Russia, noting that rich countries have asked poor people to stop global warming. Has urged not to develop fossil fuel reserves.

“We can’t just leave Africa to have renewable energy,” said Mackie Saal, Senegal’s president at the Africa Adaptation Summit this month. “No country has managed to develop with only renewable energy.”

Urging international cooperation on clean energy, Irena’s Director-General, Francesco La Camera, said that, while it was “needed more than ever”, the energy, food and inflation crisis means “the concept of cooperation has been challenged”. “.

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