The report concludes that an annual investment of $1 trillion is required to achieve the 2030 climate goals

A landmark report on behalf of 45 world leaders concluded that annual investments of about $1 trillion in renewable energy and up to $130 billion in hydrogen are needed by 2030 to avoid the catastrophic effects of climate change.

The report estimated that the world would need to add four times the amount of renewable energy deployed in 2021 each year by 2030, dramatically increase hydrogen production to reach net zero emissions and stem global warming from burning fossil fuels.

Up to 8TW of additional renewable energy will be needed by 2030, from about 3TW last year, according to research published jointly with the International Energy Agency, the International Renewable Energy Agency and the United Nations, ahead of the COP27 climate summit in November.

The supply of “renewable” and “low carbon” hydrogen, the latter of which uses carbon capture technology to sequester emissions, also needs to be increased to about 150 million tons by 2030 – meaning doubling each year from 2023.

This paper was commissioned by 45 governments that make up 70 percent of the global economy that have signed a commitment, called the “breakthrough agenda” at the United Nations climate summit, to make clean technologies affordable and accessible by 2030. It includes the United States, bloc countries European Union, Australia, Egypt and Nigeria.

The findings focused on the five key areas of energy, road transport, steel, hydrogen and agriculture, which together account for more than 50 percent of current global emissions.

Recommendations for how to reach the goals included negotiating international standards for “low carbon” hydrogen, minimum energy performance standards for energy-intensive devices, and common target dates by which all new road vehicles should be emission-free.

Nowadays, a fragmented approach is being taken by countries, and even within countries and regions, towards these goals.

“Progress is not yet fast enough to achieve the goals that countries have agreed upon under the extraordinary agenda,” she added.

Countries and companies must work together to create and expand markets for clean technologies, the report said, including through procurement commitments and operations to channel financing and technical assistance to coal-producing countries to shift away from fossil fuels.

Among the biggest obstacles, he warned, has been the “cooperation gap” that threatens to delay reaching net zero by “decades”.

While the global energy crisis as a result of the Russian invasion of Ukraine has escalated the demand for renewable energy, tough economic conditions have prompted countries to adopt protectionist stances.

We are entering the first truly global energy crisis. . .[which is]It affects almost everyone around the world,” said Fatih Birol, executive director of the International Energy Agency. “It is important to separate fact from fiction…Clean energy is not a driver but a permanent solution to the current and upcoming energy crisis.”

Developing countries have described European countries’ demands for alternative gas supplies to compensate for those no longer imported from Russia, as hypocritical, given that rich nations have urged poor nations not to develop fossil fuel reserves to curb global warming.

“We cannot just leave Africa with renewable energies,” Macky Sall, President of Senegal, said at the African Adaptation Summit this month. “No country has succeeded in developing using only renewable energies.”

Urging international cooperation on clean energy, IRENA Director-General Francesco La Camera said that while it is “needed more than ever”, the energy, food and inflation crises mean “challenging the very concept of cooperation”.

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