She added, in an exclusive interview with the program “World of Energy” on “Sky News Arabia”, that there is a need to adopt currently available technologies and continue to develop next-generation technology, in addition to change people’s relationships with resources in order to achieve the goal of sustainability and climate neutrality.
She said the world must now think not only about producing and delivering services in the cheapest way, but also in the best way in terms of efficiency and reducing emissions, which requires the adoption of technologies different types, as well as different business models for the sale of services and products. .
It should be noted that the adoption of technologies related to emission reduction, in particular clean and renewable energy, was mainly related to cost factors, since the low cost of their provision contributed greatly to increasing their widespread use.
And it’s already happened when it comes to renewable energy adoption: Over the past decade, solar energy costs have fallen by around 85%, while wind energy costs have dropped up to 55%.
The same goes for battery costs for electric cars, which have also fallen by around 90% since 2010, paving the way for the increasing spread of these cars.
Thanks to this significant cost reduction, renewables have now accounted for around 83% of the electric energy added over the past year, while the share of electric vehicles has also increased significantly.
For his part, Rangarajan stressed the importance of investing in large projects that would implement new environmentally friendly technologies, which requires government policies that support this investment in the fight against climate change.
In this context, she referred to the law recently passed by the United States, which aims to strengthen the appropriate infrastructure to support technologies related to climate preservation, as well as to support projects for the production of hydrogen, the capture carbon directly in the air, energy efficiency solutions and storage batteries. She also highlighted the importance of the role of development banks in financing projects related to energy transition and environmental sustainability.
Rangarajan stressed that the world must continue its economic growth, but it is important that this is done alongside the adoption of sustainable development methods.
“Global GDP grew last year by around 3%, meaning the economy will double in 23 years… Imagine if today’s economy has no recycling?” Rangarajan said.
She added: “If we don’t follow circular economy methods, we will have to double the amount of raw materials we need for production…and that is hard to achieve…Therefore, it We need to think about and mechanisms to reduce waste in energy and food uses, and think about the optimal and maximum use of our resources.”
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