Report Warns Global, Efforts to Meet Climate Goals , Need to Be Doubled.
On March 28, the International Renewable Energy Agency warned that the world needs to ramp up the deployment of renewable energy sources by the end of the decade.
'Time' reports that the agency said that new wind and solar plants need to be deployed in order to meet the world's climate goals.
According to the agency, renewable energy accounted for 83% of new power generation in 2022.
Meanwhile, the global share of installed renewable power generation reached 40% last year.
However, the Abu Dhabi-based agency said that renewable power deployment would need to be doubled in order to cap global warming at 2.7 degrees Fahrenheit.
In 2015, governments agreed to the Paris climate accord which aimed at preventing significant harm from climate change.
In 2015, governments agreed to the Paris climate accord which aimed at preventing significant harm from climate change.
A profound and systemic transformation of the global energy system must occur in under 30 years, Francesco La Camera, IRENA Director General, via 'Time'.
According to the agency, annual investments in renewable energy would have to exceed $5 trillion to achieve the goals set forth in the Paris accord.
The agency called for investments in fossil fuels to be diverted to renewable energy sources.
They also called for financial assistance in developing nations struggling to deploy alternatives to oil, coal and gas power generation.
