Already a subscriber?In Falls County, about 30 minutes’ drive from Waco in the heart of Texas, clean energy company Avangrid is building its largest solar project.
On top of that, buildings will have to be made more energy efficient, infrastructure of all kinds adapted to deal with the effects of climate change, and natural environments restored and made more resilient.2015 Paris Agreement The importance of rapidly raising the cash has become even more apparent after almost 200 countries agreed last year to “transition away” from fossil fuels by 2050, as well as triple renewable energy capacity and double energy efficiency by 2030.
To afford this, governments will have to make sure of a “wide range of levers”, according to Kate Levick, associate director for sustainable finance at climate consultancy E3G, from taxes to financial instruments such as carbon credits. “It was hard to do because you’re raising the price of fossil fuels. It is a price increase and that’s hard to do because populist politicians talk about the cost but not the value,” says Kenny.
A supplemental “extraction levy” on fossil fuel majors in the world’s wealthiest countries could raise $US720 billion by 2030, according to a report released in April, backed by environmental groups and nonprofits including Greenpeace and Stamp Out Poverty. Catherine McKenna, Canada’s former climate minister: “The ability to understand climate in a more sophisticated economic way is lacking.”Other countries are backing efforts to ditch fossil fuel subsidies, with the aim of freeing up money that is used to prop up the oil, coal and gas industry for other uses. At least $US7 trillion is spent on direct and indirect fossil fuel subsidies a year.
Catherine McKenna, Canada’s former climate minister who has since founded consultancy Climate and Nature Solutions, says governments are slowly waking up to the view that tackling climate change is no longer the job of just climate ministers. While all countries will need to cut greenhouse gas emissions if the world is to limit global warming, many of the poorest are struggling with ever-stretched budgets.Over the next seven years, capital expenditure on renewables will roughly double while fossil fuel capex will halve, according to research from RMI published earlier this year. Falling fossil fuel capex will therefore provide about half of the growth in renewable capex, it concluded.
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