Spending on energy innovation must triple by 2030 to reach climate targets, according to Bloomberg
According to the International Energy Agency, public spending on the development of clean energy technologies must triple this decade to prevent the worst effects of climate change – writes Bloomberg .
The rapid acceleration of wind and solar parks has significantly reduced electricity emissions, however other industries that produce heavy emissions have yet to develop new technologies to reduce their carbon footprint. To grow fast enough to meet mid-century climate targets, governments will need to increase spending on clean energy research and development by 2030, IEA executive director Fatih Birol said in an interview.
"In the absence of a much faster innovation in clean energy, reaching the net zero targets in 2050 will be practically impossible," Birol said. "Setting ambitious climate goals is a bold political decision, but achieving them requires more than courage."
Although many technologies already exist to reduce carbon emissions from highly polluting sectors such as the production and shipping of steel and chemicals, they will need funding to develop to the point of being ready for industrial use, according to the report. IEA special report on clean energy innovation. More than half of the emissions reductions needed to bring the world on a sustainable path will come from technologies that are currently in the prototype phase, including the production of steel without the need for coal, or the early-adoption phase, such as production of hydrogen from the water cleavage in the electrolysers.
Heavy industries generally invest in 25-year cycles, with the next cycle expected to begin around 2030. As governments around the world try to invest billions or trillions of dollars to pull economies out of the coronavirus-triggered crash, aligning these Investments to create markets for new clean technologies can avoid blocking emissions that would delay the timeline for achieving crucial climate goals. According to the IEA report, as many as 60 billion tons of emissions could be avoided, about double what the world spent in 2019, if money were spent in these new markets.
Investments in experimental and demonstration technologies could take up to $ 350 billion a year over the next two decades to achieve sustainable climate and energy goals, the IEA found.
(Taken from the Eprcomunicazione foreign press review)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/come-si-svilupperanno-le-tecnologie-energetiche/ on Sun, 05 Jul 2020 05:15:03 +0000.