unilad
Advert

Governments Need To Triple Investment In Renewable Energy To Meet 2050 Climate Goals

by : Daniel Richardson on :
Governments Need To Triple Investment In Renewable Energy To Meet 2050 Climate GoalsPA Images

The International Renewable Energy Agency (IRENA) has noted that investment in renewable energy has increased, but it needs to be furthered to meet the objectives set under the Paris Climate Change Agreement.

Amid fears that the global temperature will increase by 1.5 degrees by the mid-century, IRENA has stated that significant investment in renewable energies needs to take place.

Advert

In fact, the organisation believes that $800 billion needs to be contributed annually to renewable causes by governments by the year 2025. While this may sound like a lot, there is a solid logic to the investment.

Solar Is Officially The Cheapest Electricity In HistoryPA Images

It seems that the COVID-19 pandemic has highlighted the urgent need for investment in renewable projects. Previous studies have shown how damaging ecosystems impacts humans through diseases, and IRENA also drew attention to the fact that without more investment these occurrences could become more frequent.

IRENA’s Director-General Francesco La Camera has stated:

Advert

The investment trend in renewable energy before COVID-19 was a positive one. But COVID-19 has shown us that much more effort is urgently needed to put us on a climate compatible pathway and help us recover better with a sustainable, resilient economy.

CC BY 2.0 https://creativecommons.org/licenses/by/2.0Jürgen (Guerito)/Wikipedia

On top of the benefits for the Earth and for the health of people, IRENA has also noted that investments in renewable energy could also create an extra 5.5 million jobs. With this in mind, increasing budget on this cause may be worthwhile for the economy as well.

2017 marked the highest investment in renewable energy with $351 billion being focused on the sector but the amount has slipped down since. Despite a record year for renewable energy in 2020, it is clear that its scope still needs to grow in order to reduce the rising temperature of the Earth.

Advert
Science

NASA Warns Of Earth’s Alarming ‘Energy Imbalance’

published ata year ago

The billions invested into these schemes are dwarfed when they are put alongside the £6-12 trillion its believed COVID-19 has cost the global economy. The expensive cost of a global pandemic may show governments that renewable energy is a smart avenue to explore further.

Whether global leaders will address this advice remains to be seen.

If you have a story you want to tell, send it to UNILAD via [email protected]

Most Read StoriesMost Read

Film & TV

Margot Robbie Set To Lead Pirates Of The Caribbean 6 Without Johnny Depp

Daniel Richardson

After graduating from university, Dan went on to work with a variety of tech startups and media outlets. Through working with the likes of Game Rant, The Hook and What Culture, Dan pursued his interests in technology. The skills he picked up along the way are now being utilised with UNILAD.

Topics: Technology, Global Warming, News, Now, Paris agreement, renewable energy, Tech

Credits

IRENA
  1. IRENA

    Global Landscape of Renewable Energy Finance 2020