IEA emphasizes urgency of increasing clean energy investment



If the world wants to meet climate goals, the world has no choice but to increase investment in clean energy by at least sevenfold in emerging and developing economies.

This is the recommendation made by the International Energy Agency (IEA) in the report, entitled "Financing the clean energy transition in emerging and developing economies", published on Jun 9. 

According to IEA Executive Director Fatih Birol, greenhouse gas emissions in many emerging and developing economies are increasing, inversely proportional to investments in clean energy, with serious consequences to global efforts to achieve sustainable climate and energy goals.  The report estimates that in order to achieve the goal of being carbon neutral by 2050, the world needs to invest in clean energy every year at least 7 times, from less than 150 billion USD in 2020 to more than 1,000 billion USD by 2030.

IEA emphasizes urgency of increasing clean energy investment

IEA emphasizes urgency of increasing clean energy investment / ph: pexels

According to the agency, the amount of energy-related carbon dioxide (CO2) that developing economies emit into the environment will increase by 5 billion tons over the next two decades, making clean energy investment a  world's top priority.

However, Mr. Birol also pointed to the fact that the lack of capital and economic damage due to the impact of the COVID-19 pandemic have hindered the fight to protect the environment and combat climate change.  He pointed out that only 20% of investments in clean energy go to developing economies - which account for two-thirds of the world's population and account for more than 90% of increased emissions.  Therefore, there is a huge gap between a place with a lot of emissions and a place where clean energy is invested.  Therefore, the report "Financing the clean energy transition in emerging and developing economies" calls for global action, especially in rich, resource-rich countries, to create a different.

 The IEA CEO also hopes that at the summit meeting, scheduled for June 11 in the UK, the leaders of the Group of leading industrialized countries in the world (G7) will give the level of aid many times higher than the $100 billion per year figure set out in the Paris Agreement on climate change.

Last month, the IEA said that countries should not continue to launch new fossil fuel projects if they want to achieve their goal of being carbon neutral by 2050.

IEA emphasizes urgency of increasing clean energy investment

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