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  1. ESG Channel
  2. International Agencies Say Clean Energy Policies Needed
ESG Channel
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International Agencies Say Clean Energy Policies Needed

Karrie GordonOct 29, 2021
2021-10-29

On Wednesday, both the International Renewable Energy Agency (IREA) and the International Energy Agency (IEA) highlighted the need to drastically increase the number and scale of clean energy projects and policies to help alleviate price hikes and volatility within the energy sector.

The Climate Summit convenes every five years, with countries pledging greater emissions curbing at each five-year increment to bring emissions targets into a livable and sustainable climate change range by 2050. Pledges going into this year’s summit that begins on Sunday have been lackluster, and the U.N. fears that the Climate Change Conference is the last stop-gap to curb the upward slope of global warming, reported Reuters.

The IEA has said that clean energy investments need to triple by 2030 in order to push the needle on climate change and meet current goals of net-zero emissions by 2050.

“We need to massively scale up clean energy investment as the longer today’s mismatch and energy investment persists, the greater the risk of future price volatility and delayed climate action,” Mary Warlick, deputy executive director of the IEA, told the Singapore International Energy Week conference.

In order to reach the net-zero emissions goals, there would need to be an investment of 2–3% of global energy converting to green energy every year, according to climate economists. The cost of inactivity would be vastly greater to the global economy.

“The pace — at which renewables were expanding in countries — has now got to increase. And for that, you don’t need an incremental change in policies, you need a step change,” IREA’s deputy director-general Gauri Singh said in an interview.

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For more news, information, and strategy, visit the ESG Channel.

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