Abu dhabi: Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), announced that renewable energy sources have become the dominant force in the global energy system, marking an irreversible transformation.
According to Emirated News Agency, La Camera highlighted that investments in energy transition activities have reached a record high of approximately US$2.4 trillion, with around US$800 billion dedicated to production capacity. This surge in investment underscores the rapid acceleration of renewable energy and other sustainable sources.
La Camera stressed the necessity of increasing annual investments to over US$5 trillion to align with the Paris Agreement's objectives. He pointed out that while the current trajectory shows positive progress, significantly more effort is needed in the coming years to meet climate targets.
Despite notable advancements, La Camera explained that the global community is still far from achieving the speed and scale required to meet the Paris climate goals. He noted that ongoing efforts are aligned with commitments made during COP28 in Dubai, where the UAE played a pivotal role.
He praised the UAE for its commitment to transitioning its energy system and expanding renewable energy projects, despite being a fossil fuel producer. The country hosts some of the world's largest solar power plants, showcasing its dedication to clean energy.
Furthermore, La Camera highlighted that Masdar, a UAE-based company, invests in over 45 countries globally, emphasizing the UAE's significant role in driving the global energy transition.
Source: Emirates News Agency
