$4 trillion required in clean energy investment to limit global warming: IEA

An almost USD 4 trillion investment into clean energy is required to meet the Paris Agreement pledge to limit the global temperature increase to 1.5 degrees Celsius, the International Energy Agency (IEA) said in its World Energy Outlook 2021 report.

Key Highlights

• The IEA mentioned some developing economies financing such projects, citing India’s expansion of solar panels, while also noting “persistent challenges, many of which have been exacerbated by the [COVID-19] pandemic. 
• The IEA report was issued ahead of the UN Climate Change Conference, or COP26, which will take place in Glasgow from October 31 to November 12.  
• The UN climate conference, which was cancelled last year because of the COVID-19 pandemic, will seek to speed up the implementation of the groundbreaking Paris Agreement that aims to bring annual global temperature increase to under 1.5 degrees Celsius. 
• Additionally, IEA mentioned some developing economies that are presently financing such projects including India’s expansion of solar panels. The Intergovernmental organisation also considered the “persistent challenges, many of which have been exacerbated by the pandemic.”

SOURCE: Business Standard

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