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A report by US scientists from the federal energy and environmental department suggests the US should address the issue proactively to prevent dire consequences of climate change without restriction. The bill claims the loss of $500 billion a year by 2100 on mass migration, wildfires and the risk of damage of $1 trillion to infrastructure and coastal properties.
To avert such losses, it is necessary to reduce emissions by 40 to 60 per cent by 2030 to accomplish net-zero emissions by 2050. In Australia, a study was published by Andrew Blakers of the Australian National University, who claimed the cost of implementing Paris targets was zero.
The findings were based on preliminary data and the researcher expected faster installation of renewable power in the country to continue unrestricted development in green energy sector to get 50 per cent electricity through green sources by 2024 and 100 per cent by 2032.
In 2018, a moderate decline in investment in renewable was reported globally. In December 2018, renewable energy projects were declared in Africa by the UK, and backed by the EC for Lithuania and Portugal.
In the last 15 years, investment in such energies has increased 5 times, and it remains above $300 billion per annum, where a decreasing trend was observed in 2018, mainly due to a decline in the cost of implementation.
The decline in solar investment by 24 per cent to $130.8 billion and investment in wind increased 3 per cent to $128.6 billion in the year, where offshore wind was second highest with $25.7 billion.
Biomass investment (waste to energy) and bio-fuels increased 18 per cent and 47 per cent respectively.
Geothermal increased 10 per cent and small hydro decreased 50 per cent. Marine energy increased 16 per cent.
In terms of countries - China continues to lead but there has been a decline in investment in 2018 as compared to 2017 by 32 per cent, mostly in the area of solar.
Europe contribution increased 27 per cent and US was second highest country with an increase of 12 per cent investment in the year. Investment decreased in Japan, Germany and India.
Globally, buildings generate over 19 per cent of the GHGs and consume 40 per cent of the power. IFC – a member of the World Bank Group, made a plan to fund green buildings.
Steps towards improving energy efficiency in agriculture has been taken up, in some countries, where Mexico and Guatemala will set up a risk-sharing facility to develop innovative methods to promote low emission practices in small and large scale farming.
Portugal received a €320 million from the EC for 15 years biomass energy installation, where the forest residue will be used to produce biomass energy, and this will reduce the incidences of forest fires in the country.
In Ukraine, EBRD, the Green for Growth Fund, NDFC and NEFC together arranged €150 million to promote power generation up to 850,000 MWh through zero-carbon technologies. There are plans to promote transmission and distribution to enable smart grid technologies, producing high voltage direct current transmission lines.
To find out more about energy investment, check 99 Alternatives at (http://www.99alternatives.com).
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