In an effort to combat climate change, world leaders on Tuesday urged significantly greater investment in renewable energy, with developing countries stating they require financial assistance to make the switch.
Kenyan President William Ruto argued at a Global Renewables Summit that Africa should invest in renewable energy as part of the global commitment to tripling clean energy capacity by 2030, which was made at the COP28 summit last year.
During the summit, which coincided with the U.N. General Assembly, Ruto stated, “Africa receives less than 50% of global investment in renewable energy, despite having 60% of the world’s best solar opportunities.”
According to him, the continent is rich in resources that are necessary for development, but the current mix of “expensive or unreliable energy” makes it difficult to access those resources.
According to Prime Minister Mia Mottley of Barbados, the subsidies for fossil fuels outweigh those for renewable energy, making it more costly for small states to pursue clean energy projects.
“Small states face the reality that the cost of renewable energy… will probably be higher than traditionally fossil fuels,” she stated.
According to recent reports, it is possible to triple the global renewable capacity within the next ten years, including one from the International Energy Agency. However, the endeavour will necessitate stringent regulations, such as strict guidelines for granting project permits, in addition to financial investments in gearbox and battery storage infrastructure.
Azerbaijan is hosting this year’s COP29 climate summit in November. The country announced that it will be organising governments to sign a new global commitment to double the amount of electricity stored.
Some of the world’s largest corporations, investment firms, and cities, collectively known as Mission 2025, urged governments to enact laws that they claimed would stimulate up to $1 trillion in clean energy investments by 2030. To encourage investment, the policies include establishing new capacity targets and providing tax credits or long-term electricity contracts.
“WE DID IT.”
While making his final major speech on climate change, U.S. President Joe Biden celebrated his $369 billion signature climate law at a forum with leaders from the clean energy industry.
“We passed the Inflation Reduction Act in 2022 despite being told it couldn’t be done,” he remarked, noting that the law has since sparked innovation and produced hundreds of thousands of jobs.
“Private companies have announced investments of over $1 trillion in clean manufacturing,” he stated at the conference. “We are just getting started.”
While some businesses and investors are excited about the potential solutions that artificial intelligence technologies may offer, others are worried about the energy-intensive data centres required to power them.
In an interview with Reuters, Andres Gluski, the CEO of American power company AES Corporation, stated that artificial intelligence is “a problem, and it’s part of the solution.”
“With AI, we could come up with new materials that are better for batteries, that are better than copper,” he stated.
If there is a labor shortage, AI will be helpful to us. AI will assist us if demand management is required.”
