Clean energy investment needs to more than triple to $515 billion a year to stop planet-warming emissions reaching levels deemed unsustainable by scientists, the World Economic Forum said in a report today.
The hefty investments required in renewable energy sectors such as solar and wind energy need to be made between now and 2030, the report, which was co-written by research group New Energy Finance, said.
"Clean energy opportunities have the potential to generate significant economic returns," the World Economic Forum said in a statement accompanying the report.
Clean energy investments were $155 billion last year, up from $30 billion in 2004 but still far below the $515 billion the report's authors say is needed to combat climate change.
Eight sectors are expected to contribute to the shift toward green energy, the report said. They include onshore wind, offshore wind, photovoltaic solar power, solar thermal energy, municipal solar waste-to-energy, sugar-based ethanol, cellulosic and other second-generation biofuels and geothermal power.
Also on Thursday, top climate change officials including Yvo de Boer of the United Nations Framework Convention on Climate Change urged governments to use a portion of fiscal stimulus packages to invest in clean energy.
The also warned against complacency in UN climate talks. Governments from around the world will meet in Copenhagen later this year to try to reach a deal to replace the Kyoto protocol, which sets targets for cutting carbon emissions.
Taoiseach Brian Cowen is travelling to Davos today where he will address a dinner organised by IDA Ireland this evening.
He will tomorrow join other world leaders at a key working session on the global economy. The Taoiseach said Ireland was at a critical point in the development of its economy.
“Ireland is one of the most open economies in the world and we need to participate in the international debate about the global economy,” he said.
Mr Cowen pointed out that Ireland was hugely dependent on international trade and he said he will be tirelessly promoting the country at the WEF.
“In these challenging times, we must redouble our efforts to sustain employment and attract new investment and jobs into Ireland,” Mr Cowen said before departing.
Reuters/ PA