COP26 and Clean Energy

The has been a steady rise in global investment into the renewable energy sector, but figures remain far below the levels required to provide a climate-safe future.

According to the International Renewable Energy Agency (IRENA) and Climate Policy initiative, annual investments in renewables will have to triple to USD 800 billion by 2050 in order to meet net zero goals. Solar and onshore wind power continues to attract the majority of investment, 46% and 29% of global investments in renewables.

Overall renewable energy use increased by 3% in 2020.

Electricity generation from renewable sources rose by nearly 7% in 2021

29% of the worlds electricity generation now comes from renewables

Source: The IEA's Global Energy Review 2021

But despite all the investment and innovation, 2021 has seen a huge rebound in the use of oil and coal, which is contributing to the second-largest annual increase in CO2 emissions in history.

In July, G7 leaders pledged to limit their countries dependence on coal, following the UK’s commitment to phase out use of the fossil fuel. COP26 will be pushing for commitments for more countries to phase out of coal use globally.

US President Joe Biden said there is an "incredible opportunity" to develop clean energy and lower energy prices, by increasing credits for electric vehicles, expanding solar and wind technologies, and cutting methane production.

The US has committed to dropping emissions by 52% by 2030

Reports say that if the World meets the net zero targets by 2050, the annual market for manufacturers of wind turbines, solar panels, lithium-ion batteries, electrolysers and fuel cells grows will increase to US$1.2 trillion by 2050. That would make the revenues for those technologies alone larger than today’s oil industry.