Renewable Energy: International Agency Claims $5.7 Trillion Investment Needed for Energy Transition in Coming Years

Written by Roberta Souza

Published on 30/03/2022 at 19:40

Foto: Reprodução Google Imagens (via Engie Brasil)

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In Order for Energy Transition and Renewable Energy to Become a Reality in the Global Matrix, Trillion-Dollar Investment is Necessary by 2030

On Tuesday, March 29, the International Renewable Energy Agency (IRENA) launched the latest version of the report “World Energy Transitions Outlook,” which outlines priority actions for the next 8 years, until 2030, in order to preserve the goal of limiting global warming to 1.5°C. As the IRENA document shows, investments of US$ 5.7 trillion annually will be needed by 2030 for the global energy transition, in addition to redirecting US$ 700 billion per year that would go to fossil fuels, avoiding idle assets. Thus, worldwide additions of renewable energy per year would grow threefold by 2030, following the recommendation of the Intergovernmental Panel on Climate Change (IPCC).

Thus, as reported in the original article by the news outlet PetroNotícias, IRENA’s Director-General, Francesco La Camera, stated that “the energy transition is far from being on the right track and any less radical action in the coming years will reduce, if not eliminate, our chances of meeting our climate goals.” Furthermore, IRENA’s Director-General added: “Today, governments face various challenges of energy security, economic recovery, and energy affordability for households and businesses. Many answers lie in accelerated transition. But it is a political choice to implement policies that fulfill the Paris Agreement and the Sustainable Development Agenda. Investing in new fossil fuel infrastructure will only block uneconomic practices, perpetuate existing risks, and increase the threats of climate change.”

Additionally, the International Renewable Energy Agency (IRENA) believes that investing in the energy transition to renewable sources would bring significant socioeconomic and well-being advantages. From the energy transition, 85 million jobs will emerge worldwide across different sectors of renewable energy – such as solar, which has been receiving a lot of attention from large institutions – and other technologies linked to the energy transition, between now and 2030. This significant volume of jobs represents a much greater gain compared to the loss of 12 million jobs in the fossil fuel industries. Therefore, overall, many nations would experience more significant benefits from the energy transition trajectory than from traditional business transactions. You can check the full report on the International Renewable Energy Agency (IRENA) website, available here at this link.

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About IRENA

Formally established in 2009 during the Bonn Conference, the Agency is headquartered in Abu Dhabi and currently has the presence of 154 Member States, in addition to 26 States in the process of integration.

IRENA’s main function is to assist and support nations in the energy transition to a sustainable matrix, that is, with renewable energy sources, serving as a repository and disseminator of knowledge and good practices, dialogue platform, and provider of services, technical tools, analyses, and cooperation projects in the field of renewable energy.

Concentrated Solar Power: CESP Launches Pioneering Plant in the National Context, Capable of Supplying More Than 300 Residences

The São Paulo Electric Company (CESP) inaugurated the first concentrated solar power plant in Brazil during the week of March 20, located in the municipality of Rosana, in São Paulo. In development for approximately 5 years, since 2017, now, with the start of operations, the country receives a new milestone for energy generation. In partnership with Lactec, Eudora Energia, MRTS Consulting, and MFAP Consulting, the plant project was created as part of the Research and Development Program for the Electric Sector, regulated by the National Electric Energy Agency (Aneel). To learn more about innovations in renewable energy, click here to read the full article.

Renewable Energy: International Agency Claims $5.7 Trillion Investment Needed for Energy Transition in Coming Years

In Order for Energy Transition and Renewable Energy to Become a Reality in the Global Matrix, Trillion-Dollar Investment is Necessary by 2030

About IRENA

Concentrated Solar Power: CESP Launches Pioneering Plant in the National Context, Capable of Supplying More Than 300 Residences

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Renewable Energy: International Agency Claims $5.7 Trillion Investment Needed for Energy Transition in Coming Years

In Order for Energy Transition and Renewable Energy to Become a Reality in the Global Matrix, Trillion-Dollar Investment is Necessary by 2030

About IRENA

Concentrated Solar Power: CESP Launches Pioneering Plant in the National Context, Capable of Supplying More Than 300 Residences

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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