Global investments in renewable energy have exceeded fossil fuels for the first time, last year was also the first time that expenditure in developing countries has surpassed that in the industrialized world, said Steve Sawyer, secretary-general of the Brussels-based Global Wind Energy Council. “Predicting both trends will continue.”
Achim Steiner, Executive Secretary of the United Nations Environment Program said in an interview “The progress of renewables has been nothing short of remarkable; you have record investment in the midst of an economic and financial crisis.”
Even without a global agreement on limiting greenhouse gasses, findings have shown that the world is in fact moving towards consuming more renewable energy. Delegates from more than 190 nations these including representatives from the world’s governments, international organizations and civil society converge in Durban, South Africa, from Nov. 28 to 9 Dec. 2011 to discuss new procedures that can be put into place to limit emissions that are damaging the climate.
This debate in South Africa’s third-largest city will include the establishment of a fund that will channel on a yearly basis, an unstated share of $100 billion in climate aid to developing countries by 2020, this being vowed by the richer nations. Also on the agenda will be monitoring and verifying the emissions cuts by all nations, as well as constructing a mechanism that will transfer CO2-reducing technology between countries
As said by Robert Stavins, Director of Environmental Economics at Harvard University “It’s impossible to punt any further down the line a decision regarding a second commitment period for the Kyoto Protocol, those discussions will dominate, and the process could become paralyzed.”
Connie Hedegaard, EU Climate Commissioner said during an interview “Kyoto is unlikely to see an extension due to its current form, thus the 27-nation EU bloc will be pushing for a clear path towards charting, where countries will have to make legally binding commitments.”
The EU accounts for 11 per cent of all global emissions and are seeking to reach a new and expanded agreement with the world’s biggest emitters.
“With current policies in place, global temperatures are set to increase 6 degrees Celsius, which has catastrophic implications. If as of 2017 there is not a start of a major wave of new and clean investments, the door to 2 degrees will be closed.” as told by Faith Birol, IEA Chief