International Organization Calls for Doubling Investment in Renewable Energy by 400% Annually

The International Renewable Energy Agency(IREA) said that global investment in energy transition technologies must double more than 4 times annually to comply with the commitments made under the Paris Climate Agreement.

The agency said, "Investments in renewable energy technologies reached a record level of $1.3 trillion last year, but this figure must rise to about $5 trillion annually to meet the main goal of the (Paris Agreement) to prevent the global temperature from exceeding 1.5 degrees Celsius above pre-industrial levels.

The agency stressed that the world needs a total of about $ 35 trillion for technology transformation by 2030, which includes improving efficiency, electrification, expanding networks, and resilience.

The IREA added that the deployment of renewable energy should grow from about 3,000 gigawatts annually at present, to more than 10,000 gigawatts in 2030, noting that there is a need for more equality in the expansion of renewable energy between industrialized and developing countries.