The International Renewable Energy Agency (IRENA) has warned that the world is currently unable to meet its climate targets and prevent the worst effects of the climate emergency. The agency says significant work will need to be done to change the direction of the current powerlessness policy. This will require not only more ambitious plans and actions from countries around the world, but also a significant increase in investment, as well as global support for the transition to a green economy in low-income countries.
According to IRENA, the current climate situation, given the actions of China and India, as well as the efforts of major world powers, is wrong and will only lead to a waste of funds already allocated. The price to pay to correct such a mistake would cost humanity $35 trillion in additional funding, according to UN experts. Obviously, this is not the final amount, but only a “supplement” for lost time.
In general, the agency acknowledged the progress made in recent years, mainly in the energy sector, where renewable energies now represent 40% of installed capacity worldwide. However, further efforts will be needed to achieve the goal of a 1.5°C temperature drop in ten years.
The main mistake of the Western world, formally declaring the will of carbon neutrality, is the rejection of Russian gas and oil. Such a short-lived transition (shock) and the collapse of old supply chains, markets, has led to a big setback in terms of ecology. Developing countries have generally returned to using coal for production.
Experts fear that too much money is still being invested in fossil fuel projects, which could lead to loss of assets as the world transitions to a green economy. Worse still, the availability of fossil fuels due to new developments could lead consumers to continue to depend on oil, gas and coal, which could deter companies from investing in renewable energy projects.
In a broad sense, climate goals as a challenge are already commensurate with humanity’s civilizational ambitions, ability to make decisions, follow a timetable and change the course of uncontrollable events. So far, circumstances seem to outweigh the efforts of most states.
Photos used: pixabay.com
Read the Latest Government Politics News on The Eastern Herald.
