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IRENA report says tripling renewables investment required to reach 2050 climate goal

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Global renewable energy investment increased between 2013 and 2018, reaching its peak at US$351 billion in 2017, according to a new report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI). Renewable energy investment slightly declined in 2018, with modest growth through 2019.

Climate 349
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Government of Canada releases framework for ending fossil fuel subsidies

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The Assessment Framework builds on Canada’s commitment under the 2021 Glasgow statement to end new direct public support for the international unabated fossil fuel energy sector. Support clean energy, clean technology, or renewable energy. Canada is also committed to phasing out public financing of the fossil fuel sector.

Canada 150
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Group of 285 global investors with more than $20T in assets under management calls for urgent action on investment-grade climate change and energy policies; guidelines for governments

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Saying that “ investment-grade climate change and clean energy policy is required to shift private sector investment from high-carbon to low-carbon assets ”, a group of 285 investors has urged governments and international policy makers to take new and meaningful steps in the fight against climate change.

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Worldwatch: Fossil fuel subsidies continue to outweigh those for renewable energy; international pledges on reform unfulfilled

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Estimated consumption subsidies, industrial and developing countries, fossil fuels and renewables. Fossil fuel subsidies continue to far outweigh support for renewable energy, according to new research conducted for the Worldwatch Institute’s Vital Signs Online service. Source: Worldwatch. Click to enlarge. Total subsidy.

Renewable 312
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BloombergNEF: clean energy investment in developing nations slumps as financing in China slows; coal burn surges to record high

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Investment in new wind, solar, and other non-large hydro renewables projects in the country fell to $86 billion in 2018 from $122 billion in 2017. The Climatescope results come just ahead of next month’s United Nations-supported climate negotiations in Madrid. billion or 18% came from sources outside those countries.

Coal 243
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Report: total investment of $8.1T in nature required over next 3 decades; tripling current investments needed by 2030

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The report uses the global standard developed by the International Union for the Conservation of Nature (IUCN) for nature-based solutions. —“State of Finance for Nature”. The report calls for coupling investments in restoration action with financing conservation measures. A total investment of $8.1

Financing 296
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Good news – the world has a real chance of achieving its goal of tripling renewables by 2030

Baua Electric

The world added 50% more renewable capacity in 2023 than in 2022 –and that means it has a real chance of achieving the goal set by governments at the COP28 climate change conference of tripling global capacity by 2030. The increases in renewable energy capacity in the US, Europe, and Brazil also hit all-time highs.