Renewable technologies like wind and solar power are, in most cases, cheaper than the fossil fuels that are driving climate change, but the world needs to prioritize the transformation of energy systems to renewable energy.
The International Monetary Fund said that $5.9 trillion was spent on subsidizing the fossil fuel industry in 2020 alone. The figure includes subsidies, tax breaks, and health and environmental damages that were not priced into the initial cost of fossil fuels. That’s roughly $11 billion a day. The funding is there, but commitment and accountability are needed, particularly from global financial systems. This includes multilateral development banks and other financial institutions, which must align their lending portfolios towards accelerating the renewable energy transition.
Essential technologies such as battery storage systems allow energy from renewables to be stored and released when people, communities and businesses need power.
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Source: MlaStandard - 🏆 20. / 55 Read more »