THE energy industry, as we know it, is driving climate change at full speed. Energy production accounts for over three quarters of global greenhouse gas emissions and nearly 90 per cent of all carbon dioxide emissions that blanket the earth, trapping the sun’s heat, raising temperatures, changing weather patterns and disturbing the balance of nature.

While the need to substantially increase the share of renewables is widely accepted, it is also recognised that it will take a long-haul effort to wean the global economy off its dependence on fossil fuels — a must if the Paris climate accord target of limiting the global temperature rise to 1.5 degrees Celsius above pre-industrial levels is to be realised.

Achieving these targets requires rapid and far-reaching transitions in energy, as well as substantial investments. The IPCC put the annual average investment needed in the energy system at around 2.4 trillion, representing about 2.5pc of global GDP. Post-pandemic, countries still face financial challenges, which are further complicated by geopolitical conflicts in various regions. The Ukraine war caused an energy crisis Hence, investments in renewables were pushed to the back-burner dampening hopes for a quick green........

© Dawn