Renewable Energy Transition Falters, Urgent Action Needed.
The International Renewable Energy Agency (IRENA) has warned that the global energy transition is off track to prevent the worst impact of the climate emergency, and an additional $35tn of investments in transitional technologies would be needed by 2030 to curb global heating to 1.5 degrees Celsius above pre-industrial levels. The report also noted that deployment is limited to certain parts of the world, with China, the EU and the US accounting for two-thirds of all additions in 2022, leaving low-income nations further behind. IRENA's director general, Francesco La Camera, said that a successful global energy transition must see bold and transformative measures reflecting the urgency of the climate crisis, and warned that investing in traditional oil and gas sectors will produce stranded assets.
