202025 Nov
Tripling renewables investment to reach climate goal
General News

To that end, policies that enable the integration of new renewables capacity additions into the energy systems are needed, leading to their decarbonisation and bringing wide socio-economic benefits. “But COVID-19 has shown us that much more effort is urgently needed to put us on a climate compatible pathway and help us recover better with a sustainable, resilient economy. Decision makers must design systemic approaches to policies that encourage and speed up the flow of investment into renewables, and away from fossil fuels, and doing so enable economic growth, social resilience and welfare.” IRENA’s post-COVID agenda showed that average annual investments of $2tn in renewables and other energy transition-related technologies in the 2021 to 2023-recovery phase could create 5.5 million additional jobs in the sector. While investments in off-grid renewables solutions kept growing, reaching an all-time-high $460m in 2019, additional capital must be unlocked especially for income-generating activities and productive uses to improve the livelihoods and resilience of billions of women and men globally and to promote socio-economic benefits. To that effect, the report laid out five specific recommendations that policy makers should implement to engage private sector actors, including institutional investors, capital market players and non-energy producing companies, in the collective path to green recovery and climate objectives.

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