December 9, 2022

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Company says investment in clean energy should triple to neutralize emissions – 10/13/2021 – Market

The IEA (International Energy Agency) on Wednesday (13) warned that the transition to clean energy is “too slow” and called for more investment in renewable resources to avoid further climate change and turmoil in the energy market.

Two weeks before the meeting began UN COP26 Climate Summit And fully Rising electricity prices in Europe, The company, in its annual report, presents “serious warnings about the direction the world is heading.”

The OECD (Organization for Economic Co-operation and Development) report acknowledges the emergence of a new economy of batteries, hydrogen or electric cars, but this improvement is distinguished by its “current state and resistance to fossil energy”.

“Clean energy progress is too slow to keep global emissions at a steady fall to zero by 2050, which will allow Keep global warming below +1.5 C“, The company says.

The report further states that oil, gas and coal still account for 80% and 75% of the total energy consumed, respectively.

Climate obligations announced by countries so far, if met, will allow the total reduction in greenhouse gas emissions needed to control global warming to be achieved by 2030.

“Investments in decarbonized energy projects should triple in ten years [alcançar] Carbon neutralization by 2050, “said IEA Director Pathi Birol.

As the Govt-19 crisis slows progress in electrification, especially in sub-Saharan Africa, the finances of developing countries are important so they can equip themselves to avoid coal mills.

Risk of turbulence

The company offers three scenarios for the future.

First, the states continue as they are today: clean energy is being generated, but demand is increasing and Heavy industry maintains current emission levels.

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In this case, global warming will reach +2.6 ° C compared to the pre-industrial period, which guarantees a manageable climate impact from +1.5 C.

In the second scenario, countries are fulfilling their obligations, and more than 50 members of the European Union are achieving carbon neutrality. Under these circumstances, the demand for fossil fuels will reach a ceiling in 2025, and the temperature increase will be +2.1 C.

The third option is the only global carbon neutral that does not exceed + 1.5ºC. The IEA argues that it will “require more effort, but will provide significant benefits to health and economic growth.”

Additional funding is “less important than it sounds,” he adds.

Nearly 40% of reductions in energy efficiency are made by combating methane leaks or by “self-funding” solar or wind power parks, where technology is more competitive.

The IEA points out that the current public investment deficit affects not only climate but also prices and supply. The film expects more “turmoil” in the market because it does not satisfy the increase in demand for clean energy supply.

“This poses a high risk of turbulence in global energy markets,” he said.

“We have not invested enough to meet future needs, and this uncertainty is preparing us for a turbulent period. The way to respond is clear: Invest generously and quickly in clean energy to meet short- and long-term needs.” .

Otherwise, the report says, “the risk of destabilizing disasters will only increase over time,” emphasizing the importance of change to “accessible to all citizens.”

That’s why Birol urges Glasgow’s COP26 leaders to “work to create a large-scale decade of decarbonized energy with the potential to create millions of jobs by 2020”.

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