Speaking at a G20 event in New Delhi, International Energy Agency (IEA) executive director Fatih Birol said climate change caused by the concentration of carbon is not a problem of today
International Energy Agency (IEA) executive director Fatih Birol has underlined the need for advanced economies to take a bigger responsibility for supporting energy transition in developing nations even as developed nations have opposed the inclusion of the scaling up of mitigation action on the agenda of the ongoing Bonn Climate Change Conference.
Speaking at a G20 event in New Delhi on Wednesday titled “India’s Role in Future of Energy”, Birol said climate change caused by the concentration of carbon is not a problem of today. “…it is an issue of hundred years of accumulation of carbon in the atmosphere. When you look at the responsibilities of countries, in terms of cumulative emissions, where we are today…we are in trouble and we will get the numbers on that, a big chunk of it came from countries who are going to be affected by this like developing countries but also other countries.”
The comments came even as the agenda adopted on Wednesday at the Bonn Climate Change Conference did not include a mitigation work programme despite calls from developing countries for negotiation on scaling up finance. The 10-day conference is scheduled to end on Thursday.
The funding for the mitigation of the climate crisis lies at the heart of this logjam. The US and European Union-led developed countries opposed the agenda put forth by developing countries saying existing mechanisms address the issue of finance. The developed nations have said they are open to a discussion when the flow of finance is not limited to them paying developing countries but also includes funding from emerging economies and the private sector.
Birol underlined that emissions do not have passports and that even if advanced economies and China bring their emissions to zero, they will not be immune to the effects of climate change.
Birol said investment in clean energy, meanwhile, has been increasing year by year since 2015 and called it good news. Birol said of around $2.7 trillion in investments in the energy sector this year, $1 trillion went to fossil fuels and $1.7 trillion to clean energy sources. “But [the] bad news is that in terms of growth in clean energy investments, 90% comes from advanced economies and China. Only a small portion is taking place in emerging countries.”
He called on multilateral banks and international financial institutions to facilitate clean energy investments in emerging economies. “There are two issues why this should happen. First is [the] responsibility and ethical issues and second: from a self-interest point of view, you still need to see clean energy investment happening in emerging economies because climate change is [a] universal issue…”
He said of all power plants built in the world last year, 80% were renewable energy ones and 20% fossil fuel-based. “Within renewables, solar is a big chunk. For the first time, the number of global investments going to solar is higher than going to oil production. This is real dollars going to solar,” Birol said. He added there is exponential growth in electric cars. “Only two years ago, one out of 25 cars sold was an electric car. This year, it is one out of five cars and it is going very strong.”
He said energy efficiency doubled last year compared to earlier. “Hydrogen is also going very strong in terms of investment and interest coming from different parts of the world. There is no country that is not looking at hydrogen very closely.”
He said looking at investments locked in these sectors, his impression is that a new clean energy economy is coming up. “This does not necessarily mean that tomorrow we will not need any more oil and gas. We will continue to depend on it.”
Birol said the climate and energy sector is overshadowed by major inequities. “Energy poverty is a key issue. In sub-Saharan Africa, every second person does not have access to electricity…yet Africa is the continent with 40% solar potential in the world. Solar electricity generated in Africa is less than solar electricity generated in the Netherlands.”
Birol said India has an ambitious plan for decarbonisation. “In 2014, PM [Prime Minister Narendra] Modi doubled down on solar mission and at that time the cost of solar was three times higher than coal. Solar was seen to be a romantic story…now solar is the cheapest source of electricity generation. Thanks to the push in 2014, in the last five years, India was the third largest contributor to solar capacity.’
Birol called rural electrification India’s second significant achievement. “In 2018, India ended the rural electrification process and all the villages were electrified. India brought electricity to almost 500 million people which is almost the population of Europe. In less than 10 years of time bringing electricity to so many people is a major achievement for people of India.”
Source: PTI
