Renewable Energy Spending Needs to Double by 2030, Irena Says

(Bloomberg) –Governments should double total investment in solar, wind and other green technologies over the next decade to achieve “a pathway to climate safety,” the International Renewable Energy Agency said.

Renewables should generate 57% of electricity worldwide by the end of the decade, up from 26% today, Irena said Sunday in a statement. To reach that target, countries can redirect some of the $10 trillion earmarked for fossil-fuel projects and spend it instead on green power, the inter-governmental group said.

“Renewable energy solutions are affordable, readily available and deployable at scale,” Irena Director-General Francesco La Camera said in the statement.

Total renewables investment needs to increase to nearly $750 billion a year by 2030 from about $330 billion currently, Irena said. The cost of photo-voltaic solar power and wind energy could be consistently cheaper than conventional supplies by 2030, with the two renewable technologies meeting a third of global electricity needs, it said.

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