High energy prices are putting pressure on policymakers to produce more fossil fuels. But should their resources be channeled into green energies?
is ordering eight new vessels that will use only carbon-neutral fuels — demanded by such customers as Amazon, Disney, and Microsoft Corp.
says that the window is quickly closing, and the aims of the Paris climate talks are vanishing. Irena Director General Francesco La Camera told a press gathering on Friday that investing in new fossil fuel infrastructure is expensive and a strategy that commits countries and companies to keep producing dirty fuels. Therefore, renewable energy should be scaled up to 40% across all economic sectors by 2030. That will require an investment of $5.7 trillion a year.
“It is high time to act,” La Camera says, noting these are public policy choices. “Recent developments have clearly demonstrated that high fossil fuel prices can result in energy poverty and loss of industrial competitiveness. 80% of the global population lives in countries that are net importers of fossil fuels.