Five trillion dollars of investment is needed worldwide by 2020 in renewable power, energy efficiency and cleaner transportation to contain rising global temperatures, the International Energy Agency said.
After fuel savings of $4 trillion are taken into account, the net investment required by 2020 is about $1 trillion to ensure the temperature gains since industrialization don’t exceed 2 degrees Celsius (3.6 Fahrenheit), IEA Deputy Executive Director Richard Jones told energy ministers from 23 nations today in London.
While renewable energy is on track to deliver its share of the savings, Jones said industries are falling behind in efforts to build projects employing nuclear power, carbon capture and storage, biofuels, efficiency measures and technology that cuts emissions from coal plants.
“Under current policies, we estimate that energy use and CO2 emissions would increase by a third by 2020, and almost double by 2050,” Jones said. “This would likely boost global temperatures at least 6 degrees Celsius. Such an outcome would confront future generations with significant economic, environmental and energy security hardships.”