ENB Pub Note: The International Renewal Energy Agency (IRENA) says we need to double the amount to hit Net Zero. News Flash: We will never hit Net Zero with the current technology, and the amount of money will just cause a financial crisis of biblical proportions. We have found the more money spent on “Renewable Energy” like wind and solar, the more fossil fuels will be used. Call it “Turley’s Law,” if you will, but Net Zero cannot be achieved with the current technology.
The world hit a record of 530GW of renewable generation in 2024 but it needs double that amount if we are to meet net zero needs.
International Renewal Energy Agency (IRENA), holding its general assembly in Abu Dhabi this week, revealed globally green generation capacity has now climbed to roughly 4,400 GW, up from 3,870 GW in 2023.
But Director-General Francesco La Camera said this is half of what is needed.
While a record $1.3 trillion (£1.07tn) was invested in energy transition technologies in 2022, annual investments need to quadruple to remain on track to meet global energy transition goals.
IRENA estimates a cumulative $150 trillion (£122tn) in investment is needed by 2050.
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