Why the Clean Energy Transition is only possible through global action to accelerate the transition to renewable energy
Author: House of Eden
- Record levels of climate change show the need for renewable energy
- UN Secretary-General highlights priorities for transforming energy systems
- Global action needed to accelerate transition to renewable energy
The UN, has warned that the four key indicators of climate change hit record highs in 2021, underscoring the urgent need to end our dependence on fossil fuels. In order to successfully shape and accelerate the Clean Energy Transition, we must focus on renewable energies. UN Secretary-General António Guterres also emphasized that renewable energies are the only way to genuine energy security, stable electricity prices and sustainable employment opportunities.
Accessibility and infrastructure for renewable energy
Renewable energy technologies must be treated as a global public good so that they are accessible to everyone, not just the wealthy. This requires removing barriers to knowledge sharing and technology transfer, including intellectual property barriers. Battery storage systems play a crucial role in storing renewable energy and increasing the flexibility of the energy system.
Comprehensive access to components and raw materials for renewable energy is crucial. This requires diversification of production capacities, international coordination and investments in research, innovation and sustainable supply chains.
Policies and investments for renewable energy
National policy frameworks urgently need to be reformed to accelerate renewable energy projects and encourage private sector investment. Clear and solid policies, transparent processes and modern energy transmission systems are required to promote renewable energies such as wind and solar power. Switching energy subsidies from fossil fuels to renewable energy helps reduce emissions and promote economic growth, jobs and equality. In 2020, around $5,9 trillion was spent subsidizing the fossil fuel industry, hampering the global shift to renewable energy.
Clean Energy Transition is essential to fight climate change
At least $4 trillion per year must be invested in renewable energy by 2030 to achieve net-zero emissions by 2050. This investment will pay off as it could save up to $2030 trillion a year by 4,2 just by reducing pollution and climate impact. Global financial systems, including multilateral development banks and other public and private financial institutions, need to realign their loan portfolios to accelerate the transition to renewable energy. Commitment and accountability are key to ensure the necessary investments.
Renewable energy targets aligned to 1,5 degrees Celsius must be set in the Nationally Determined Contributions, countries' individual climate protection plans to reduce emissions and adapt to the effects of climate change. The share of renewable energies in global electricity generation must increase from the current 2030 percent to 29 percent by 60. The Clean Energy Transition is essential to combating climate change and ensuring a sustainable future for generations to come. It is time that we act together and put renewable energy at the forefront to achieve the much-needed change in our energy systems.