UN climate chief: Global financial institutions really need to start tripling their renewable-energy investment, stat
posted at 9:21 pm on January 15, 2014 by Erika Johnsen
Because United Nations bureaucrats seem uniquely incapable of looking for solutions beyond collectivization, redistribution, and mutual impoverishment. Via the Guardian:
In an interview with the Guardian, the UN’s Christiana Figueres urged institutions to begin building the foundations of a clean energy economy by scaling up their investments.
Global investment in clean technologies is running at about $300bn a year – but that is nowhere where it needs to be, Figueres said.
“From where we are to where we need to be, we need to triple, and we need to do that – over the next five to 10 years would be best – but certainly by 2030,” she said. …
But investment has lagged far behind. “What we need to have invested in the energy sector and in the green infrastructure in order to make the transformation that we need in order to stay within 2C is one trillion dollars a year and we are way, way behind that,” Figueres said.
Actually, forget triple — Bloomberg released the data for 2013 renewables investment figures today, and the net value fell for a second year in a row. That means that, to reach that much-vaunted $1 trillion total, investment would now have to quadruple:
The decline in investment in renewable energy accelerated in 2013 as the cost of solar panels and wind farms fell, unsettling investor confidence in alternatives to fossil fuels.
The value of deals to finance clean energy and efficiency projects fell 12 percent to $254 billion last year, according to data compiled by Bloomberg. That’s quicker than the 9.1 percent drop in 2012 from record level of $318 billion the year before.
The findings released at a United Nations meeting in New York mark a setback for efforts to boost funding for cleaner forms of energy. Annual investment in renewables must double to $500 billion by the end of this decade and then again to $1 trillion by 2030 to limit global warming, according to Ceres, a Boston-based group advising investors on sustainability issues.
Uncertainty isn’t exactly a condition that encourages robust investment, and unfortunately for the renewable technologies these globalist-minded bureaucrats claim to favor, 2013 was one long year of retrenchment for several of the European countries that had been enthusiastically trying their darndest to artificially create favorable market conditions for renewables via government “investment,” subsidization, and forced infrastructure transitions. Spain, Germany, and the European Commission have all been furiously hitting the breaks on further distorting their energy markets with overly ambitious top-down policies as energy prices have skyrocketed — and arbitrary investment goals based on political goals rather than practicality is not going to help these technologies achieve the price efficiency that could actually turn them into viable options in the long run.