The amazing price to give the globe green energy
The United Nations believes that the sustainable energy goals that have been set for 2030 and 2050 can be achieved, but the plan will require sizeable financial contributions from countries and companies. The organization says current funding levels need to triple by the end of the decade, which would mean an annual figure of around $5 trillion worldwide. According to the UN, this increase in funding can be made possible through “scaling up the use of blended finance mechanisms and multilateral portfolio guarantees”. The organization has also called for less regulation in a bid to attract more private investment, among other proposals.
Reports cited in the UN statement suggest that many of the technologies needed to achieve sustainable energy goals already exist. Most of the increased funding would then likely be spent on scaling up production and proliferating these technologies rather than on research and development.
While the figure quoted is significant, the UN also believes that a significant gain will result from increased investment. The body says that if funding targets are met, everyone on Earth will have access to “clean and affordable energy” within a decade. Smaller numbers are thrown around, which could still have a huge impact. The report says an investment of $35 billion could give 750 million people access to electricity, while $25 billion a year would make “clean cooking” an option for 2.6 billion people. people by 2030. According to the Clean Kitchen Alliance, three billion people currently lack the ability to cook on clean stoves with non-toxic fuels. This lack of access has an impact on both public health and the environment as a whole.