By Jaya Ramachandran
FRANKFURT | NAIROBI (IDN) - Impressive strides were made on renewable energy investments amounting to $266 billion in 2015 – more than double the estimated $130 billion invested in coal and gas power stations, according to a new United Nations backed report. But UN Secretary-General Ban Ki-moon has issued a cautious note.
In his foreword to the report titled Global Trends in Renewable Energy Investment 2016, Ban said: “In spite of these positive findings, to keep global temperature rise well below 2 degrees and aim for 1.5 degrees, we must immediately shift away from fossil fuels. Sustainable, renewable energy is growing, but not quickly enough to meet expected energy demand.”
Ban added: “For power sector development to be consistent with the goal of zero net greenhouse gas emissions in the second half of the century, it will be necessary to reduce or leave idle fossil-fuel power plant capacity, unless carbon capture technologies become widely available and are rapidly and fully utilised.”