'Investing in new fossil fuel infrastructure will only lock in uneconomic practices, perpetuate existing risks, and increase the threats of climate change,' warned the head of IRENA.
Echoing the outlook, Francesco La Camera, IRENA's director-general, said in a statement that"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."
While parties to the Paris agreement met in Scotland last year to discuss how to meet its goals of keeping global temperature rise this century below 2°C and ultimately limiting it to 1.5°C, experts continue to"Progress across all energy uses has been woefully inadequate" and"commitments made at COP26 showed a promising trend but still fell short of what is required," La Camera wrote in the report's foreword, referencing the 2021 summit in Scotland.
Specifically, the outlook projects that"by 2030, the 1.5°C-aligned energy transition promises the creation of close to 85 million additional energy transition-related jobs compared to 2019 and support a boost in global gross domestic product ." "Lenders need to recognize that coal and fossil fuels are futile investments that will lead to billions of dollars in stranded assets," he said.
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