The call towards 100% renewable energy
Notwithstanding there are more and more countries adopting policies that encourage deployment of renewables, some of them as successful in doing it as Germany, these are not taking place at the pace it is needed . In fact, many countries do exactly the opposite; fomenting a harsh market environment for newer and cleaner technologies.
Quite contradictorily, many governments and financial institutions keep rewarding environmental and human harm by sponsoring an unfavourable market place for renewables. Just in 2012, fossil-fuel consumption subsidies worldwide reached at least $544 billion (over five times that to renewable energy) [i]; only in 2012, top 200 oil and gas and mining companies allocated $674 billion in resource exploration and development[j]. If securing a clean and healthy future for the people and the planet is wanted, higher support to the global energy transformation is compulsory; governments need to choose investing in energy solutions now rather than climate change problems in the future.
Transforming the global energy system in order to avoid the catastrophic dangers of inaction would require moving economic resources from financial institutions and governments worldwide, from dirty fossil fuels to clean and sustainable renewables.[k]
To attract the level –at pace- of investments required to achieve a transformational change in the global energy system, governments need to act immediately in favour of solid and supportive frameworks for large scale renewable energy deployment and ambitious energy efficiency improvements. The current level of investments in renewable energy and energy efficiency is still disappointing; much more than that need to be aimed for. In order to avoid the worst effects of climate change, investments in low carbon energy should reach about $1 trillion by 2030 .
Ambitious renewable energy investments have a prime prerequisite: a reasonable investment risk. Policy support to renewables can endure such precondition, while facilitating the market entering into a clean and energy secure future.