The IEA estimates an investment of 1.7 trillion euros in 2023 to reduce emissions

2023-09-26 15:48:42

STAR LPEZ

Madrid

Updated Tuesday, September 26, 2023 – 15:48

Experts insist that “there is no room for new oil, gas or coal deposits”

Solar panels in a field in Requena.WORLD

International cooperation, more ambitious goals or increasing investments in clean energy are some of the guidelines established by the International Energy Agency (IEA) for all countries with the objective of ffight global warming and a zero emissions planet.

For this, the international organization has announced that it will be necessary a global investment of 1.8 trillion dollars (1.7 trillion euros) during the year 2023. According to forecasts, this figure will increase to 4.5 (4.24 billion euros) annually during the first years of the next decade.

This investment activity will help pursue another related goal such as decrease in demand for fossil fuels by 25% by 2030 and 80% by 2050. In the case of coal, and according to the roadmap set by the Agency, the demand for coal in 2030 will fall by more than 1,000 million tons compared to 2022. In the case of oil, it will go from 100 million barrels per day to 77 in 2030 and that of natural gas, from 4,150 billion cubic meters in 2022 to 3,400 in 2030.

In the specific case of Spain, the great progress is observed in the generation of energy through photovoltaic panels. In 2021 alone, and according to data provided by the Spanish Photovoltaic Union (UNEF), 4,700 MW were installed. A record figure that makes the country the third in Europe -behind Germany and Italy- in this type of facilities. In fact, and according to this same report, renewable energies accounted for 81% of the new installed capacity globally in 2021.

After milestones such as those mentioned, the IEA estimates that Emissions could be reduced by 35%. In this way, the world is getting closer to achieving its main objectives: staying within the limit of 1.5% of global warming and a world without polluting emissions.

Although it is necessary to continuous dedication of resources in some already approved projects for polluting assets Oil Change International research director Kelly Trout insists that “there is no room for new oil, gas or coal deposits.”

While solar energy and sales of electric cars make up a third of the reduction in emissions until 2030, the IEA insists on continue working on strategies that double energy efficiencyrepresent a 75% drop in methane emissions and increase sales of these technologies even more by the end of the decade.

In addition to urging countries to “separate climate from geopolitics given the magnitude of the challenge,” the executive director of the IEA, Faith Birol, has been optimistic by ensuring that “The good news is that we know what we should do and how to do it.”

First of all, solid international cooperation is necessary, since if the implementation of clean energy is not enough, it would be necessary to extract 5 billion tons of carbon dioxide from the atmosphere. And they warn that the massive deployment of this technology, whose large-scale success is not proven, would entail greater economic and climate costs.

On the other hand, the IAE focuses on “an equitable transition taking into account national circumstances”, since if advanced economies reach zero emissions as soon as possible, they give greater time margin to emerging and developing economies.

In fact, David Howell, head of energy policy at BirdLife Europe and Central Asia, emphasizes this idea, since “the governments of the richest nations, as well as renewable energy companies and their investors and insurers, must walk the talk. example”.

In addition, he sets his sights on the International Climate and Energy Summit that this time will be held in Dubi, and assures that “these principles […] “are some of the basic elements that the EU-IEA summit should agree on, to prepare a firm decision on renewables at COP28.”