As the world grapples with the invasion of Ukraine, rising energy costs and the realities of climate change, the UN has called for a trebled investment in clean energy investment on a global scale. Antonio Guterres, the UN Secretary-General, has revealed a new five-point strategy to accelerate the world's transition to clean energy, saying that renewable power is the only path to sustainable energy security.
He also described the transition to clean energy as the 21st century's peace project. Many countries have defined their plans to hasten investment in domestic renewable energy developments and nuclear energy so that they can lessen their reliance on gas and oil earlier than intended. However, several of these plans, which include those from the EU and UK, also lay out plans to scale gas and oil imports from other parts of the world and to boost domestic gas production if required.
The UN said that fossil fuel pollution must come to an end and the transition to clean energy must be hastened, with the transformation of energy systems being low-hanging fruit. Mr Guterres added that the world's energy system was failing and leading to a forthcoming climate catastrophe, with the gas and oil industry raking in billions in profits whilst families suffered from rocketing energy bills and prices at the pump.
The plan has been underpinned with a 300% increase in finance to generate, store, distribute and train for renewable energy production on every year. The UN wants to see the world's leaders come together and ensure that total investments go past the $4 trillion mark at the earliest possible opportunity, with funding being secured form the private and public sources.
Subsidies of fossil fuels must also cease, with $5.9 trillion in subsidies being issued in 2020 according to the IMF.