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The International Energy Agency has said that the full implementation of climate pledges across the world will require a $13.5-trillion investment from the energy sector between 2015 and 2030.
In a report titled ‘Energy and Climate Change’, the IEA states that the investment will need to be in energy efficiency and low-carbon technologies. The investment translates to an annual average of $840 billion.
“However, despite these efforts, the pledges still fall short of the major course correction necessary to achieve the globally agreed climate goal of limiting average global temperature rise to 2 degrees Celsius, relative to pre-industrial levels,” a statement from IEA added.
The total investment required will be almost 40 per cent of the total energy sector investment, according to the IEA.
“Around $8.3 trillion is needed to improve energy efficiency in the transport, buildings and industry sector while much of the remaining investment is to decarbonise the power sector,” the report said.
It added that more than 60 per cent of the total investment in power generation capacity is projected to be for renewable energy capacity at $4 trillion. Of this, one-third is expected to be for wind power while 30 per cent is to be for solar power and a quarter of this would be for hydropower.
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