IRENA: $5 Trillion Per Year Needed To Meet Climate Goals | OilPrice.com

• The global community needs to invest four times more in renewable energy to meet climate change targets.
• IRENA report shows that $5 trillion should be invested in clean energy technology every year to mitigate the impact of climate change. 
• Governments and private investors need to accelerate the pace of investments in renewable energy to avoid the devastating consequences of climate change.

A new report from the International Renewable Energy Agency (IRENA) has found that we need to increase our annual investments in renewable energy by four times to meet climate goals. 

According to IRENA, global investments in renewable energy technologies must exceed $5 trillion annually to align with the Paris climate accord's commitment to limiting temperature increases to 1.5 degrees Celsius above pre-industrial levels.

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Last year, investments in renewable energy reached a record of $1.3 trillion, but that is insufficient for tackling climate change.

IRENA highlighted that a total of $35 trillion is required for transition technology by 2030, which includes improving efficiency, electrification, grid expansion, and flexibility.