Without renewables there can be no future 5 ways to power the transition to renewable energy
- 7 months ago
Fossil fuel subsidies are one of the biggest financial barriers hampering the world’s shift to renewable energy," said UN Secretary-General António Guterres.
The International Monetary Fund revealed that $5.9 trillion was spent on subsidizing the fossil fuel industry in 2020 alone.
Shifting subsidies from fossil fuels to renewable energy leads to a reduction in their use and also contributes to sustainable economic growth, job creation, better public health, and more equality.
"An estimated $4 trillion a year needs to be invested in renewable energy until 2030 in order to reach net-zero emissions by 2050," stated the UN chief.
Investment in renewables will cost significantly less compared to subsidizing fossil fuels.
The reduction of pollution and climate impact alone could save the world up to $4.2 trillion per year by 2030.
The funding is there, but commitment and accountability are needed, particularly from global financial systems.
Efforts must aim to dismantle roadblocks to knowledge-sharing and the transfer of technology, including intellectual property rights barriers.
Essential technologies such as battery storage systems allow energy from renewables to be stored and released when needed.
When paired with renewable generators, battery storage technologies can provide reliable and cheaper electricity to isolated grids and off-grid communities.
A robust supply of renewable energy components and raw materials is crucial.
More widespread access to all the key components and materials is needed, from minerals required for building wind turbines to elements for producing electric vehicles.
Greater investments are needed, including in people’s skills training, research and innovation, and incentives to build supply chains through sustainable practices.
While global cooperation is critical, domestic policy frameworks must urgently be reformed to streamline and fast-track renewable energy projects.
Policies and processes must be introduced to reduce market risks and incentivize investment.
Nationally determined contributions must set renewable energy targets that align with the goal of limiting the increase in global temperatures.
To achieve this, the share of renewables in global electricity generation must grow from 29% today to 60% by 2030.
The International Monetary Fund revealed that $5.9 trillion was spent on subsidizing the fossil fuel industry in 2020 alone.
Shifting subsidies from fossil fuels to renewable energy leads to a reduction in their use and also contributes to sustainable economic growth, job creation, better public health, and more equality.
"An estimated $4 trillion a year needs to be invested in renewable energy until 2030 in order to reach net-zero emissions by 2050," stated the UN chief.
Investment in renewables will cost significantly less compared to subsidizing fossil fuels.
The reduction of pollution and climate impact alone could save the world up to $4.2 trillion per year by 2030.
The funding is there, but commitment and accountability are needed, particularly from global financial systems.
Efforts must aim to dismantle roadblocks to knowledge-sharing and the transfer of technology, including intellectual property rights barriers.
Essential technologies such as battery storage systems allow energy from renewables to be stored and released when needed.
When paired with renewable generators, battery storage technologies can provide reliable and cheaper electricity to isolated grids and off-grid communities.
A robust supply of renewable energy components and raw materials is crucial.
More widespread access to all the key components and materials is needed, from minerals required for building wind turbines to elements for producing electric vehicles.
Greater investments are needed, including in people’s skills training, research and innovation, and incentives to build supply chains through sustainable practices.
While global cooperation is critical, domestic policy frameworks must urgently be reformed to streamline and fast-track renewable energy projects.
Policies and processes must be introduced to reduce market risks and incentivize investment.
Nationally determined contributions must set renewable energy targets that align with the goal of limiting the increase in global temperatures.
To achieve this, the share of renewables in global electricity generation must grow from 29% today to 60% by 2030.