Page 6 - AfrElec Week 09 2022

AfrElec COMMENTARY AfrElec

Kate Levick, E3G Associate Director Sus- Redirecting energy investment from fossil
tainable Finance said: “Climate impacts pose a fuels to renewables is crucial to reducing CO2
threat to global prosperity and financial stability, emissions quickly enough.
in every country. It is time that richer countries Carbon tracker, a research consultancy,
understood that they are not immune from these viewed that reducing fossil fuels is the solution,
effects. Finance must now be mobilised at scale if a difficult one.
to build resilience around the world, protecting “Challenging the status quo and fossil fuel
the most vulnerable and fending off future finan- incumbent thinking is central to the realloca-
cial shocks which could prevent a sustainable tion of capital into meaningful climate solutions
transition.” to bring down emissions and avoid stranded
assets,” said Carbon Tracker.
Industry “There are many opportunities available to
The global wind industry welcomed the report, adapt energy systems to be more resilient. Wind
calling for annual wind capacity addition to mul- and solar PV is cheaper in 90% of markets com-
tiply four-fold to keep on track with the IPCC’s pared to their fossil fuel counterparts, and fron-
goals. tier technologies – hydrogen, battery storage,
“We need to accelerate, with greater urgency fusion – are all making headline breakthroughs,”
than ever, the phaseout of fossil fuels which are Carbon Tracker added.
today destabilising power markets and interna- Climate change and global warming is now
tional security. We need to rapidly deploy more universally accepted by governments. The
wind and renewable energy to shore up our IPCC’s report, drawn up by its Working Group
global energy system and protect the human II, was unanimously approved by 195 member
and natural world. Global annual installations governments of the IPCC.
of wind energy alone must scale up by 4 times The report warned that more action is needed
within this decade to get on-track,” warned immediately and that progress and investment is
Ben Backwell, CEO of the Global Wind Energy far too uneven”.
Council (GWEC). “To avoid mounting loss of life, biodiversity
The IPCC’s report itself calls for a reliable and and infrastructure, ambitious, accelerated action
resilient energy sector. is required to adapt to climate change, at the
The report highlighted “infrastructure same time as making rapid, deep cuts in green-
resilience, reliable power systems, and efficient house gas emissions. So far, progress on adap-
water use” as the best adaptations to a warming tation is uneven and there are increasing gaps
climate, with very high confidence. Diversifying between action taken and what is needed to deal
generation bases via greater decentralisation with the increasing risks, the new report finds.
and demand-side power management would These gaps are largest among lower-income pop-
increase system versatility, especially in rural ulations,” the IPCC said in a statement.
areas. What is needed is action, and quickly.
“Climate responsive energy markets, updated “This report is a dire warning about the con-
design standards on energy assets according to sequences of inaction,” said Hoesung Lee, Chair
current and projected climate change, smart- of the IPCC.
grid technologies, robust transmission systems, “It shows that climate change is a grave and
and improved capacity to respond to supply mounting threat to our wellbeing and a healthy
deficits have high feasibility in the medium- to planet. Our actions today will shape how people
long-term.” adapt and nature responds to increasing climate
risks,” he said, adding: “Half measures are no
Investment longer an option.”™

P6 www. NEWSBASE .com Week 09 03•March•2022