Additional investments in the amount of 35 trillion. dollars in technology to transition to green economy it will take until 2030 to achieve the goals set Paris Agreement, that is, to limit the rise in global temperature to 1.5 degrees Celsius above pre-industrial levels. The score belongs International Renewable Energy Agency (IRENA) pointing out that while there is progress in the transition to green energy, the world as a whole is behind on the path that needs to be taken to avoid the worst possible outcome changing of the climate.

“We are lagging behind,” emphasizes Francesco La Camera, CEO of IRENA, who nevertheless notes that significant progress has been made in terms of the transition to green energy. As he emphasizes, especially in the field of electricity generation, renewable energy sources now account for 40% of production capacity. electricity worldwide. The scale of change, however, remains limited and falls short of the levels needed to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. According to IRENA, by 2030 the level of development of renewable energy sources should increase from today’s approximately 3,000 gigawatts to at least 10,000 gigawatts. At the same time, IRENA highlights that renewable development is limited in some parts of the world, with China, the EU and the US accounting for two-thirds of the industry’s growth over the past year, while low-income countries are lagging behind.

Its related report highlights the need for investment and strong policies around the world and in all sectors of the economy to take the necessary steps to develop renewable energy sources. He also emphasizes that structural changes are needed to enable the transition to green energy, which will be produced mainly from renewable sources. “The process is continuous and continuous,” Francesco La Camera emphasized and added that we are moving and must move towards an energy system dominated by renewable energy sources and supplemented by hydrogen, primarily green hydrogen, as well as the sustainable use of biomass.

The International Renewable Energy Agency indicates that the world is behind a course that needs to be fixed.

It was recently preceded by a Human Survival Guide report released by the world’s leading climate scientists. In addition, the UN Intergovernmental Panel on Climate Change warned a few days ago that the goal of the Paris Agreement has become more difficult in recent years due to ever-increasing emissions. He stressed, in essence, that it is necessary to cut exhaust emissions from everyone and in all sectors in order to limit the temperature increase to 1.5 degrees Celsius. The burning of fossil fuels such as coal, oil and natural gas is the main cause of the climate crisis. Over the past year, however, major oil companies have made record profits thanks to the surge in oil and natural gas prices following Russia’s invasion of Ukraine. Against the background of harsh criticism, the leaders of the largest oil companies tried to justify their dizzying profits, mainly citing the need for energy security during the transition to the dominance of renewable energy sources.

Asked about the oil giants’ plans for expansion and new investments in the oil and gas industry, and whether they equate to a loss of investment in renewable energy, La Camera said “it’s clear they’re not going in the right direction” and added that “this is how assets are created that will not be used in the future when the situation changes.”

However, the oil giants are announcing development plans. Just Sunday, Saudi Aramco announced a $10 billion plan to build a refinery and petrochemical complex in northeast China. This plan should be implemented within the next three years and, according to Aramco, is aimed at meeting Beijing’s growing demand for fuel and petrochemicals. In conclusion, La Camera expressed its hope that the meeting of the UN Intergovernmental Panel on Climate Change, which will be held in Dubai, “will present a new narrative that will better guide investments in the coming years and accelerate the energy transition.”