Scientists say global emissions need to drop 45% by the end of the decade compared to 1990 levels. But recent data show they are going up, not down, in part due to rising energy demand and the expansion of fossil fuel use.
“The energy transition is far from being on track and anything short of radical action in the coming years will diminish, even eliminate, chances to meet our climate goals,” said Francesco La Camera, the director-general of IRENA.
IRENA, which is based in the oil-rich Gulf emirate of Abu Dhabi-based IRENA, said investments of $700 billion should be diverted away from the fossil fuel sector each year to avoid creating wells, pipelines and power plants that can’t be used anymore. With countries such as the United States ramping up domestic fossil fuel production amid energy price hikes and fears of supply shortages because of Russia’s war in Ukraine, Guterres urged governments not to delay the shift away from fossil fuels.
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