The International Energy Agency (IEA) and The Business 20 (B20), which represents the business community across the Group of Twenty (G20), have jointly called for acceleration in the global transition to clean energy.
The parties issued a series of “specific and pragmatic policy options” to G20 leaders that would “spur the much needed investment cycle,” Kallanish Energy reports.
These policy options include accelerating the deployment of existing low-emissions and emissions-neutral technologies, and boosting innovation in technology areas including hydrogen, batteries, and carbon capture utilization and storage; improving energy market data transparency and risk evaluation; securing energy systems and providing open access to clean energy; and implementing energy price and tax reforms.
The joint statement, issued on Friday, highlighted the impact of the Covid-19 pandemic this year, which resulted in a temporary decline in energy demand and energy-related greenhouse gas emissions.
The IEA estimates that global carbon dioxide (CO2) emissions are expected to be approximately 8% lower in 2020 than in 2019 as a direct result of Covid-19. However, the pandemic also caused a 20% decline in global energy investments this year.
The IEA and B20 stated that G20 leaders now have a “unique opportunity” to prevent emissions volumes rebounding and to enact policies that would ensure investment levels required to attain targets laid out in the UN Sustainable Development Goals and the Paris Agreement are met. This level of investment is estimated at $3.5 trillion per annum until 2050.
“Mobilizing the critical investments for meeting international energy and climate goals requires a grand coalition spanning governments, companies, investors and citizens,” said Fatih Birol, IEA executive director.
“Despite the challenges we face from the Covid-19 crisis, stronger clean energy actions and ambitions from a growing number of governments and companies around the world make me increasingly optimistic for the future,” he added.
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