USD 1tn green boost needed to halt "climate catastrophe"
Global investment of USD 1 trillion is needed, with USD 130m in green hydrogen by 2030 to avoid the “catastrophic effects” of climate change, according to a new report published on Tuesday.
The report found four times the green energy rolled out in 2021 was needed every year until the turn of the decade to meet UN climate goals, added the study by International Energy Agency (IEA), the International Renewable Energy Agency and the UN.
“Only by speeding up the transition to clean sustainable energy can we achieve lasting energy security,’’ said IEA executive director Fatih Birol.
“Through international collaboration, we can make the transition quicker, cheaper and easier for everyone.”
He talked of the world being in the “midst of the first truly global energy crisis”, ... with the report released ahead of the next UN climate summit in November.
Among the biggest impediments to success was a “collaboration gap” that threatened to delay reaching net zero “by decades”, said the report.
The first annual Breakthrough Agenda Report – commissioned by 45 governments globally, including the EU bloc – put forward a raft of “collaborative actions” to “make clean power, EVs [electric vehicles], low-carbon steel and hydrogen and sustainable farming the most affordable options as soon as possible”.
It warned far greater international cooperation was needed to get the world “on track” to meet its climate commitments, with the UN agreed target of keeping a global temperature rise well below 2C this century.
Two of the key planks in the report comprised – firstly, creating new cross-border “supergrids” this decade to increase trade in low-carbon power, reduce emissions, improve energy security and enhance system flexibility.
Secondly, invoking government policies and private-sector purchase commitments to drive demand and deployment of low-carbon and renewable hydrogen alongside standards to enable global trade.