Investment in clean energy must increase by at least 30 percent by the middle of the century, otherwise, there is a risk of irreversible climate change. This was stated in its latest study by the International Renewable Energy Agency.
The total amount of investment in clean energy sources should reach at least $ 131 trillion by 2050, the International Renewable Energy Agency said. This is an amount that corresponds to more than six annual gross domestic products of the United States of America.
“The gap between where we are and where we should be is not narrowing, but widening,” said Francesco La Camera, CEO of an organization based in Abu Dhabi with more than 160 member states. According to La Camera, the energy transformation needs to be dramatically accelerated in order for humanity to achieve a critical reversal in the undesirable development of the world’s climate.
Among other things, the agency estimates that to maintain an average temperature increase of 1.5 degrees Celsius at the end of this century, fossil fuel consumption will need to be reduced by more than 75 percent by 2050. The decline in oil and coal is said to have to be even faster. The peak of natural gas consumption is expected to come in 2025, but it will still remain the dominant fossil resource in the middle of the century, according to the International Renewable Energy Agency.