The International Renewable Energy Agency (IRENA), has called for an expansion in global investments for energy transition technologies annually to stay in line with commitments made under the Paris climate accord.
According to its recent report, the world would need around $35 trillion for transition technology by 2030, including improving efficiency, electrification, grid expansion and flexibility.
It maintained that Investments in renewable energy technologies reached a record of $1.3 trillion last year but that figure must rise to around $5 trillion annually to meet the key Paris accord target of limiting temperature increases to 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels, the agency said in a statement.
According to the agency, renewable energy deployment must grow from around 3,000 gigawatts annually today to over 10,000 GW in 2030.
It said more equality is needed in renewable expansion between industrial and developing countries.
A fundamental shift in the support to developing nations must put more focus on energy access and climate adaptation,” IRENA’ Director General Francesco La Camera said, imploring financial institutions to direct more funds towards energy transition projects with better conditions.
IRENA advocated the need for directing planned fossil fuel investments -around $1 trillion of fossil fuel investments per year by 2030 – toward renewable energy technologies and infrastructure.