Clean power beats fossils 2 to 1, nevertheless it's not sufficient to save lots of the local weather | EUROtoday

Listen to the audio model of the article

Clean power beats soiled fuels 2 to 1: that is the ratio between investments in inexperienced sources, which is able to attain 2 trillion {dollars} in 2024, and fossil ones, based on the International Energy Agency (IEA). The trillions of {dollars} – which is able to find yourself in oil, gasoline and coal – are nevertheless too many to include local weather change to acceptable ranges, underlines the IEA research.

On the identical day because the publication of the World Energy Investment report, the EU local weather service, Copernicus, said that May 2024 was the twelfth month in a row to interrupt warmth data: the typical world temperature of the final 12 months, from June 2023 to May 2024, was the very best on file, 1.63° above the 1850-1900 pre-industrial common, above the 1.5° restrict set by the Paris Agreement.

Overtaking

Combined investments in clear applied sciences (renewable power, electrical autos, nuclear, networks, CO2 storage, power effectivity, low-emission fuels) have already exceeded these in fossil fuels by 2023. And this regardless of the difficulties created by inflation and excessive rates of interest, which have slowed down a number of tasks, significantly in wind energy.

«We have reached an necessary milestone. Investments in clear power are setting new data,” stated IEA director Fatih Birol. “Increasing spending on clean energy is supported by continued cost reductions and energy security issues,” Birol added.

“By 2023, every dollar invested in wind and solar generated 2.5 times more energy than a dollar spent on the same technologies a decade earlier,” the report reads.