Page 4 - AsiaElec Week 41 2022

AsiaElec COMMENTARY AsiaElec

Green investment must

triple to save climate

INVESTMENTS in renewable energy need to transformation of the global energy system,” he
COMMENTARY triple by 2050 to put the world on a net-zero said.
trajectory by mid-century, according to a new By 2050, global electricity needs, which will
report by the World Meteorological Organisa- be increasing over the years with electrification
tion (WMO), part of the United Nations. being a strategic lever to tackle Net Zero goals,
The radical transformation of the global will mainly be met through renewable energy,
energy system requires a significant increase in with solar the single largest supply source, says
annual investment in energy from just over $2 the report.
trillion globally to almost $5 trillion by 2030, says “Now is the time to accelerate the transition
the agency. to a renewable energy future,” said Francesco La
WMO’s State of Climate Services annual Camera, director-general of the International
report also says that the supply of electricity Renewable Energy Agency.
from clean energy sources must double within “Anything short of radical and immediate
the next eight years to limit the global temper- action will ultimately eliminate the chance of
ature increase, otherwise, there is a risk that cli- staying on the 1.5°C path,” said La Camera. “The
mate change, more extreme weather and water intertwined energy and climate crises have dra-
stress will undermine the world’s energy security matically exposed the weaknesses and vulnera-
and even jeopardise renewable energy supplies, bilities of an economic system heavily reliant on
according to the multi-agency report. fossil fuels. Advancing the transition to renew-
“The energy sector is the source of around ables is a strategic choice to bring affordable
three-quarters of global greenhouse gas [GHG] energy, jobs, economic growth and a resilient
emissions, noted WMO Secretary-General Pro- environment to the people and communities on
fessor Petteri Taalas. “Switching to clean forms the ground.”
of energy generation, such as solar, wind and Climate action plans must prioritise energy,
hydropower – and improving energy efficiency says the WMO. Just 40% of climate action plans
– is vital if we are to thrive in the twenty-first cen- submitted by governments to the United Nations
tury. Net zero by 2050 is the aim. But we will only Framework Convention on Climate Change
get there if we double the supply of low-emis- (UNFCCC) prioritise adaptation in the energy
sions electricity within the next eight years.” sector, and investment is correspondingly low.
“Time is not on our side, and our climate is Current pledges by countries fall well short
changing before our eyes. We need a complete of what is needed to meet the objectives set by

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