30 Jan 2009 04:01:06
WEF says clean energy investment must triple
Investment in clean energy technologies worldwide must more than triple to $515 billion per year to avoid reaching unsafe rises in global temperature, according to the World Economic Forum (WEF).
Its report Green Investing: Towards a Clean Energy Infrastructure, claims that $515 billion must be invested in clean energy per year between now and 2030 to avoid a two degree rise in global temperatures.
The figure is an upward revision of the Stern report the first to assess combating climate change from a financial point of view which called for one per cent of global GDP, or $500 billion a year spending.
Offshore and onshore wind, along with solar photovoltaic, solar thermal electricity generation, municipal solar waste-to-energy, sugar based ethanol, cellulosic and next generation biofuels and geothermal power are highlighted as eight large scale energy sectors that are expected to contribute to a lower-carbon energy infrastructure.
However, the report points out that adding renewable capacity alone will not be enough to make the shift to a low-carbon energy system.
Such a transition will be enabled by greater energy efficiency, smart grids that can cope with decentralised and fluctuating supply, improved power storage and carbon capture and sequestration.
The report also noted that the index of the world's 90 leading clean energy companies performed better than the world's stock indices.
Meanwhile, speaking at the WEF, Bill Clinton urged develop countries to support developing nations despite the economic downturn.http://tinyurl.com/ahnc6w