The Abu Dhabi-based International Renewable Energy Agency (IRENA) called on Sunday January 12th for investments in renewable clean energy projects to be more than doubled over the next decade, redirecting funds from fossil fuels, AFP reported.
"The agency's data shows that annual renewable energy investment needs to double from around $330 billion today to close to $750 billion to deploy renewable energy at the speed required," IRENA said in a report.
On the sidelines of its annual assembly in Abu Dhabi, IRENA Director-General Francesco La Camera affirmed the necessity to accelerate renewable energy programmes. “If we want to deal with the consequences of climate change, we have to accelerate our path. It means we have to go and double our investments in renewables,” he said.
IRENA said that much of the needed investment can be met by redirecting planned fossil fuel investment. It estimated that as much as $10 trillion worth of investments were planned in non-renewables-related energy projects by 2030.
Additional investment in renewables can achieve substantial savings, including minimising losses caused by climate change as a result of inaction, the report stated and that "Savings could amount to between $1.6 trillion and $3.7 trillion annually by 2030, three to seven times higher than investment costs for the energy transformation.”
The international agency added that electricity from renewable sources, mainly solar and wind, will supply 57% of global power by the end of the current decade, up from just 26% currently.
According to the United Nations Environment Programme, some $2.6 trillion had been invested in renewable energy projects by the end of 2019.