UN climate conference to agree on funding investment in developing countries – EURACTIV.com

UN climate conference to agree on funding investment in developing countries - EURACTIV.com

In late October, ahead of the start of the United Nations Climate Change Conference in Glasgow, Scotland, the head of the International Energy Agency (IEA) called on the international community to “deeds” – not just words.

“I expect a plan,” said Fatih Birol of the AFP news agency in Paris. Above all, he anticipates three important outcomes: the first is that countries will “try harder” with the goal of zero CO2 emissions by 2050. because even though
These countries kept their promise, “we are still far from meeting our climate goals”.

The second outcome – and that is the crux of the entire climate debate – should be funding investments for clean energy in developing countries, demanded Birol.

These countries will account for more than 80 percent of emissions over the next 20 years – plus, less than 20 percent of the investment in clean energy will go to developing countries. “That is why it is so urgent that the developed countries, including the G20 group, must ensure that
The funding will be decided by the conference in Glasgow.

The third consequence is a political one: Heads of state and government attending the conference should make it abundantly clear to investors around the world that they risk losing their money by investing in outdated energy sources, the IEA chief said.

196 countries and the European Union will participate in COP26 to be held in Glasgow from 31 October. Birol told AFP there is currently “great political momentum around the world, from China to the United States, Europe to African countries” regarding climate protection. This momentum now has to be translated into “real international actions” rather than individual government initiatives “here and there”.

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The main problem is coal, Birol said. One-third of the world’s emissions currently come from burning coal to generate electricity. The problem is mainly in Asia, China, India, Indonesia. The two large countries account for nearly half the world’s population, and together generate more than 60 percent of their electricity from coal.

“How do we end coal-fired power generation before the investment in power plants pays off? That is the question,” Birol said.

In May, the IEA called for the closure of new oil, gas and coal projects, completing a 180-degree turnaround. Birol told AFP he didn’t want to “scare” anyone. More and more countries will commit themselves to the zero emissions target for 2050 – “but we want to mirror them: If you can do that, there’s still work to be done. We wanted to show the world that this It’s a tough job.”

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