Economy

Renewable energy spending needs to double by 2030, says International Renewable Energy Agency

Bloomberg Abu Dhabi | Updated on January 13, 2020 Published on January 13, 2020

Governments should double total investment in solar, wind and other green technologies over the next decade to achieve a pathway to climate safety, the International Renewable Energy Agency said.

Renewables should generate 57% of electricity worldwide by the end of the decade, up from 26% today, IRENA said Sunday in a statement. To reach that target, countries can redirect some of the $10 trillion earmarked for fossil-fuel projects and spend it instead on green power, the inter-governmental group said.

Renewable energy solutions are affordable, readily available and deployable at scale, Irena Director-General Francesco La Camera said in the statement.

Total renewables investment needs to increase to nearly $750 billion a year by 2030 from about $330 billion currently, Irena said. The cost of photo-voltaic solar power and wind energy could be consistently cheaper than conventional supplies by 2030, with the two renewable technologies meeting a third of global electricity needs, it said.

Published on January 13, 2020
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