Greater private investment is essential to tackle
2022-04-05- Detail
Last month, the Chinese government instructed the country’s coal mines to “produce as much coal as possible”:1622668622124,. The injunction came after weeks of power shortages forced the government to ration electricity at peak times and factories to stop production. Industrial production plummeted in response.
China is the largest producer and consumer of coal in the world. Its demand for energy is huge — and rising. And it is not alone. The OECDThe larger issue of how workers are treated., a group of mostly rich nations2021-04-16T21:00:02.243Z, estimates that at least $35tn of investment is needed by 2035 to meet rising energy requirements in non-OECD countries. Meeting this demand is critical for these countries’ economic development — andMany other scientists thin, without a vast increase in access to renewable energy, reliance on fossil fuels will only increase.
As the UK hosts COP26 this month, China’s decision is a stark reminder of reality. Its move to ramp up coal output comes only a few months after the authorities had imposed curbs to meet carbon emission reduction targets. For the diplomats and non-governmental organisations gathering in Glasgow, then, pushing for more investment into renewable energy must be a key aim.
Meeting the world’s energy needs will be a collective effortOn a day in early May, then-president o. It will require ambitious policy choices and public moneyThe early days o, but also mobilising much more effectively the pools of private capital available for investment across the globe. Mark Carney, former governor of the Bank of England, and the UK prime minister’s finance adviser for COP26, refers to the commercial opportunities that climate change presents as “amazing” and “unprecedented”. But, if these opportunities are not seized, facilitated, and enabled by the decision makers at COP, the world will not get to net zero.
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