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Wednesday, January 15, 2014

World needs to triple renewable energy investment to stave off climate disaster

Global investment in renewable energy is nowhere where it needs to be to avoid catastrophic climate disruption, according to the United Nations’ chief climate officer.

In an interview with the Guardian (UK), the UN's Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change, made some sobering observations: 
What we need to have invested in the energy sector and in the green infrastructure in order to make the transformation that we need in order to stay within 2C is one trillion dollars a year and we are way, way behind that.
Last year, we had $300bn, and in the same year we had double that amount invested in exploration and mining in fossil fuels. So you can see that the ratio is not where it needs to be. We need to be at the opposite ratio.
From where we are to where we need to be, we need to triple, and we need to do that – over the next five to 10 years would be best – but certainly by 2030.
Two-thirds of the fossil fuels we have will have to stay in the ground (to avoid warming beyond 2C). 

US carbon emissions rose 2.1 percent in 2013, and are likely to rise again this year. Despite repeated wake up calls, renewables investment lags. And the world moves closer to the climate abyss.  

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