BAKU, Azerbaijan, June 4. The world community needs to intensify efforts to triple the use of renewable energy sources by 2030, the Deputy Director General of the International Renewable Energy Agency (IRENA), Gauri Singh said at the Baku Energy Forum, Trend reports.
“Last year, 585 gigawatts of renewable capacities were put into operation, and the volume of investments in this sphere increased by almost 100 billion euros. However, this pace is not enough to achieve the set goals - it is necessary to triple the volumes to 11 terawatts,” she emphasized.
Singh also drew attention to the global inequality in the development of green energy. She said that if China, the EU, and the US are excluded, the remaining countries have commissioned only 17 gigawatts of renewable capacity, pointing to a severe financing gap in developing countries.
“The cost of capital for developing countries is much higher than for developed countries. There is an urgent need to reform financial mechanisms if we are to ensure equitable growth,” she noted.
The official also emphasized the importance of investing in energy infrastructure, in particular the power grids that transmit energy, to avoid a mismatch between production and consumption.