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On Wednesday the United Nations urged global commerce leaders to double investment in wind and solar energy to $600bn (£400bn) a year by 2020. The announcement comes one month after the Paris climate agreement,where nearly 200 countries agreed to dramatically prick emissions. This week UN secretary general Ban Ki-moon urged commerce leaders to act decisively to hasten the transition absent from the fossil fuel economy – or they would put the historic accord in jeopardy.
But even whether commerce leaders do reach this ambitious target, it only marks the start of the investment needed to meet the agreed 1.5 degree target. The International Energy Agency has estimated that to hit this taget the world will need to spend more than $16trn (£10.55trn) over the next 15 years, or to cover the costs of replacing coal and gas-fired power stations with emissions-free sources of energy such as wind,solar and nuclear as well as the costs for improving existing energy efficiency in homes and businesses.
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Source: theguardian.com