PRIORITISING CLEAN ENERGY TRANSITION
According to the IRENA report, annual investment in renewable capacity must triple from a new record high of US$570 billion last year to US$1.5 trillion every year between this year and 2030.
The agency said the shortfalls flagged underscore the need for urgent policy interventions and massive investment.
“We need to accelerate. To accelerate, we have to tackle the structural barriers that we have,” said Mr La Camera, who highlighted several areas for improvements such as redesigning markets and reskilling the workforce.
By early 2025, countries are due to submit their new national climate commitments, known as Nationally Determined Contributions (NDCs), as part of worldwide efforts to combat climate change under the Paris Agreement.
These commitments detail individual nations’ plans to reduce greenhouse gas emissions.
Mr La Camera said the next NDCs have to be a turning point to bring the world back on track.
However, he noted: “We are not saying that oil and gas will disappear. We never say that, but we have to exist at a smooth decline.
“We need more clean energy in the mix. This is what needs to happen. This is what the transition is for.”
