International agency warns rapid change of course to renewables

(dpa)

The International Renewable Energy Agency (Irena) sees an annual investment requirement of 5.7 trillion US dollars for the energy transition worldwide up to 2030. According to a current analysis by the agency, this much would be necessary to achieve the goal agreed at the Paris climate conference in 2015 to limit global warming to 1.5 degrees above pre-industrial levels. The paper will be presented this Tuesday in Berlin and is available to the German Press Agency.

“The energy transition is still far from the right path and if we do not take radical measures in the coming years, the chances of achieving our climate goals will be reduced or even eliminated,” said Irena Director General Francesco La Camera.

According to Irena, in addition to a massive expansion of renewable energies, there is a need for significant improvements in energy efficiency and the electrification of end consumption, for example with electric cars and heat pumps. It is true that wind and solar energy are at the forefront when it comes to new investments in the energy sector, but industry and end consumers continue to use gas frequently, for example for heating. Oil continues to dominate in transport. Greater use of hydrogen, biomass and underground storage of carbon dioxide is needed.

The experts regard the aid programs in the corona pandemic as a missed opportunity. Irena writes, citing a study, that only 6 percent of the 15 trillion US dollars that the G-20 countries have spent on this has flowed into climate-friendly energies in the past two years.

The switch to climate-friendly energy production can bring many advantages, according to Irena. By 2030, this would create 85 million new jobs, far exceeding the 12 million job losses from fossil fuels. With the help of renewable energies, countries could also free themselves from their dependence on imports of fossil raw materials.