Comment on UNSG's 22 July special climate address
The new UN report backed by IEA, the IMF, IRENA, the OECD and the World Bank has one clear message – there’s no stopping renewables now, despite the concerted efforts of fossil fuel lobbyists thinking they can hold back the tide.
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Statement from Bill Hare, CEO and Senior Scientist, Climate Analytics:
“The new UN report backed by IEA, the IMF, IRENA, the OECD and the World Bank has one clear message – renewables around the world are going gangbusters, there’s no stopping them now, despite the concerted efforts of fossil fuel lobbyists thinking they can hold back the tide. As the UN Secretary General said today “fossil fuels are running out of road” – the economics have won out, they simply won’t survive in a competitive market.
"Any investment in new fossil fuels now is a fool’s gamble, while joining the race to renewables can only bring benefits – not just jobs and cheaper energy at stable prices, but energy independence and access where it’s needed most. Developing regions like Africa have huge energy access needs, and even bigger renewable resources, what they need now is international finance to share in the renewables revolution.
"The push to develop new gas resources in places like Western Australia and Brazil runs completely counter to this trend and risks slowing down the uptake of renewables as well as overshooting 1.5°C Paris Agreements limit.
"While the success of renewables shows the world’s energy system can turn rapidly towards a safer climate, the potential and need is there to go even faster if governments work with the market to accelerate the energy transition in line with the Paris Agreement’s 1.5°C warming limit. All governments must send a clear signal in their upcoming NDCs that their energy future is based on renewables and back this up by ending fossil fuel subsidies and investing in the grids of the future.”
