The IEA warns that the cost of clean energy should be tripled to curb climate change

The International Monetary Fund (IMF) has warned world leaders ahead of the upcoming UN climate summit that arms prices will continue to fluctuate in the next decade.

IEA Executive Director Fatih Bureau told the Financial Times that although the greenhouse gas emissions needed to reach zero zero emissions by 2050, public spending on renewable energy would be only one-third in the future. Steps are required.

“There is a general imbalance, and if this imbalance persists, there is a risk of sharp price fluctuations and volatility in the future,” Bureau said.

Global energy investment is expected to increase to $ 1.9tn this year, including about $ 370 billion for the world’s new renewable energy plant.

A Paris-based body has warned that the world will only get its 202 emissions reduction by 2030, despite the fact that all the current zero commitments of all governments will be implemented on time. Possible release by 2050.

Accordingly, in the annual global energy forecast released on Wednesday, the global average temperature will rise by 2.1C in 2100 from pre-industrial levels, which is significantly higher than the 1.5C ideal in 2015 in Paris. Agreement.

A.D. After a sharp drop in carbon emissions due to the 2020 pandemic virus, this year’s strong economic recovery means a second-largest increase in coal consumption, the IEA said.

Fatih Bureau says only one-third of the cost of renewable energy will be in the future: ዳ Simon Dawson / Bloomberg

As supply struggles to meet demand, the rapid recovery in most of the world’s economic activities has contributed to gas and coal, and years of high oil prices.

But Burell wanted to allay fears that rising energy costs would test the world’s commitment to energy transformation. Gas prices in Europe rose from about 14 euros per megawatt hour last year to 87 euros per month.

“We are witnessing the first crisis due to clean energy and there is an inaccurate campaign that could be an impediment to further policy action to combat climate change. But this is definitely not true. ”

He argued that the current power outage was due to a number of factors, including epidemics, weather conditions and severe gas outages.

At the COP26 summit in Glasgow in November, Burol urged governments to make a “clear and unequivocal” commitment to speed up the development of clean technologies so that power outages do not affect their decision-making.

Immediate action is needed in the next decade to withstand any opportunity to keep global temperatures below 2C, accelerate power generation decommissioning, improve energy efficiency, reduce methane emissions, and tackle carbon-based sectors such as cement and heavy transport. he said.

The chart for European gas prices reached an all-time high in October

COP26, the largest diplomatic face-to-face meeting since VV-19, aims to finalize the implementation of the agreement signed in Paris six years ago, and almost every government, 197 parties, has agreed to “significantly improve” global temperatures. Below ”2C above pre-industry standards.

Regardless of the outcome of the meeting, Burell stressed that the energy markets are ready for fundamental changes.

While governments have not made any further commitments on climate change, global oil demand will fall by 97m barrels by 2025 “soon” from 2023 to 2050 b / d in 2050, according to the IEA.

As a result, demand for natural gas will rise sharply after 2025, and then fall to 3,850 billion cubic meters by 2050 or below.

Video: Drying or drying issues associated with COP26 climate meeting

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