DUBAI, UAE, December 11. A financial architecture must be provided so that it is faster, better, cheaper or economically safer to invest in cleaner alternatives rather than fossil fuels, Ireland's Minister for Environment, Climate and Communications Eamon Ryan said, Trend reports.
He spoke at the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP 28) in Dubai.
"We know that international energy agencies provide very good analysis of the scale of this problem. Even if we meet all the renewable energy commitments, the efficiency challenge will remain. This week they provided analysis showing that this will only get us 1/3 of the way to where we need to go. We need to go beyond that and phase out fossil fuels as a way to stick to 1.5 degrees. We know we need to invest in clean energy. The important thing here is that it has to be a fair transition, it has to benefit everyone," he said.
He noted that this requires investment and capacity building in countries, whether they are small island states or less developed countries.