$5 trillion needed to hit climate goals

The International Energy Agency today issued a stark warning to international leaders that $5 trillion of investment is needed in renewable energy, energy efficiency and cleaner transportation by 2020 to curb global temperature rises.

Addressing energy ministers from 23 nations, responsible for 80 percent of greenhouse gas emissions, IEA Deputy Executive Director Richard Jones said that after fuel savings of $4 trillion, an investment of $1 trillion is needed to guarantee that temperature gains do not exceed pre industrialization levels of 2 degrees Celsius.

“Under current policies, we estimate that energy use and CO2 emissions would increase by a third by 2020, and almost double by 2050,” Jones told delegates gathered at London’s Clean Energy Ministerial.

“This would likely boost global temperatures at least 6 degrees Celsius. Such an outcome would confront future generations with significant economic, environmental and energy security hardships.”

Despite renewable energy being on course to deliver its own share of savings, through onshore wind, solar panels and hydro-electricity, added Jones, industries are currently way behind in their efforts to introduce and develop new technologies that will help mitigate greenhouse gas emissions.

For example, carbon capture and storage, which has been in the development stages for years, has yet to be installed at any power station in the world. If we are to meet our emission targets, it is estimated that as many as 40 plants will need to have the technology installed by the end of the decade. The development of nuclear power has also slowed dramatically post-Fukushima.

The IEA report, Tracking Clean Energy Progress, states that just one of the 11 key low-carbon indicators, including nuclear power, carbon capture storage and renewables, ranked in the report is in line to meet progress targets.

“The world's energy system is being pushed to breaking point,” Maria van der Hoeven, executive director of the IEA, writes in today's Guardian.

“Our addiction to fossil fuels grows stronger each year. Many clean energy technologies are available but they are not being deployed quickly enough to avert potentially disastrous consequences.”

Van der Hoeven continued by stating if progress is to be made then this week’s conference in London is a good place to start.

“The ministers meeting this week in London have an incredible opportunity before them,” she said.

“It is my hope that they heed our warning of slow progress, and act to seize the security, economic and environmental benefits that the clean energy transition can bring.”
 

 

Image 01: EPA | Wikimedia Commons

Image 02: Climate Action Stock Photo

Image 03: Climate Action Stock Photo