Dubai, United Arab Emirates (CNN) – The Abu Dhabi-based International Renewable Energy Agency (IRENA) said on Tuesday that clean energy investments must be increased by 30% to a total of $ 131 trillion to achieve scheduled climate goals. By the year 2050.
In its annual forecast report, the agency said that about $ 4.4 trillion must be invested in clean energy each year, to successfully move away from reliance on fossil fuels and toward renewables.
“The window of opportunity to achieve the goal of the Paris Agreement is closing rapidly. Recent trends show that the gap between where we are and what we should be is not narrowing but widening,” said the agency’s director-general, Francesco La Camera, in a statement. “We are heading in the wrong direction. “.
IRENA’s forecast also indicated that there is only a “narrow path to contain the temperature rise to 1.5 ° C” and to halt the “irreversible” global warming phenomenon.
Even so, Irina found, “financial markets and investors are actually directing capital away from fossil fuels and toward other energy technologies including renewables.”
By 2050, fossil fuel use will decrease by more than 75%, with oil and coal consumption shrinking as rapidly as possible, according to projections.
By 2025, natural gas will be the dominant fossil fuel, and it will be the largest fossil fuel remaining by 2050, with carbon emissions cut by 70% due to electrification of transport, the agency added.