It seems Morocco has done a lot in its own energy transition. As RTCC reported the country should be held up as a ‘poster child’ for effective green policymaking according to the World Bank’s top climate official, Rachel Kyte. This occurs as the country has recently cut its fossil fuels subsidies because the government could afford … Read more
According to a report published in May by the International Energy Agency, the clean energy investments needed to limit temperatures from warming to 2 degrees Celsius: an additional $44 trillion ( 32 trillion euros ) by 2050.
This means spending an additional $1.2 trillion in cleantech ( like solar, wind, geothermal, bioenergy…. ) per year for the next 36 years is needed in order to limit climate risk. But this represent investments, not costs.
Indeed, these investments would result in over $115 trillion in fuel savings. This represent would a net savings of $71 trillion. (51 trillion euros).
You must know if if you have been reading this blog : albeit it is not as ” sexy “ as renewables, energy efficiency is simply a must as we embark our societies and economies on a journey towards sustainability.
Here is further proof as Cleantechnica notes : ” Energy efficiency retrofits (…) created a 387% return on investment (ROI), according to a recent report from the Southeast Energy Efficiency Alliance (SEEA).”
” The SEEA energy efficiency retrofit effort spurred $3.87 million in economic input and 17.28 new jobs for every $1 million invested “
According to the New York Times and Reuters, more than a dozen large foundations representing more than $2 billion (around 1.48 billion euros) in assets will stop investing in fossil fuels, just as the World Bank and the United Nations advise.
To Reuters : ” The Divest-Invest Philanthropy coalition includes foundations, such as the Park Foundation, the John Merck Fund and the Schmidt Family Foundation – co-founded by Google Inc Executive Chairman Eric Schmidt – in the United States “
These foundations believe that the carbon bubble presents both financial and ethical risks and urge others to follow their lead in divesting from unburnable carbon.
I had noted last year that cleantech investments had decreased from their peak of $317.9 billion in 2011 to reach $286.2 billion in 2012. 2013 was an even worse year as total investments reached only $254 billion. To Bloomberg New Energy Finance :
” The reduced volume of investment in 2013 reflected two influences, a continued sharp reduction in the cost of photovoltaic systems, and the impact on investor confidence of shifts in policy towards renewable power in Europe and the US.”
While investments soared by 55 percent in Japan to counter the decreased reliance on nuclear, Europe slashed its investments by a massive 41 percent.