Estimated investments in clean energy must increase by nearly 30% to a total of about $131 trillion by the year 2050 to avert catastrophic climate change, a new report from the International Renewable Energy Agency (IRENA) said.
In its annual flagship report, the International Renewable Energy Agency called for a huge increase in the amount of electricity produced by “green” hydrogen.
In the agency’s net-zero scenario, around 30% of all electricity is made from the zero-carbon energy source by the year 2050.
Renewable power capacity will have to expand more than ten-fold by mid-century, coupled with a 30-fold increase in the electrification of transport, the report stated.
“The gap between where we are and where we should be is not decreasing but widening,” said Francesco La Camera, director-general of the Abu Dhabi-based organisation, which has more than 160 member states.
“We need a drastic acceleration of energy transitions to make a meaningful turnaround,” Camera said.