Energy Agency (IEA) said on Wednesday that share on renewable energy needs to triple by 2030 in order to fight against climate change if world hopes to effectively keep non-renewable energy market under control.
IEA said that the world is not investing enough in clean energy as required to meet its future energy demand and services in sustainable way though transition has started to invest in clean energy but remains far short of what is necessary.
It further added that it will be difficult journey if the road ahead is paved only with good intentions therefore policy makers should focus on clear signal and directions related to renewable energy to curb climate change.
In Glasgow, Scotland meeting countries showed readiness to submit new and ambitious commitments regarding accelerating the transition to clean energy worldwide under the 2015 Paris Agreement.
In recent week, oil and gas prices hit record high in 7 years. Word is facing a major energy crunch since few weeks. Fossil fuel demand is increasing as the economic activities are resumed as governments eased restrictions post Covid-19 pandemic. Many power plants are shutting down in major parts of the world owing to the coal shortage and warning power blackouts if not taken necessary actions.
IEA said they are witnessing unsustainable economic recovery post pandemic due to increasing demand for fossil fuels to resume economic activities thus increasing oil prices high. It warned large investment in renewable energy such as solar, wind, tidal energy and bioenergy post pandemic to meet future energy demand and sustainable development altogether therefore investment must triple by end of the decade.