Global Green Energy Investments Growing But Vastly More Needed
A new UN funded report by Frankfurt School-unep Collaborating Centre for Climate & Sustainable Energy Finance and Bloomberg New Energy Finance details the investments made in renewable energy in 2015.
The report shows that global green energy investments in 2015 reached nearly $286 billion, more than six times more than in 2004. This means that more than half of all added power generation capacity came from renewables last year. In comparison, the U.S. War Industry will cost American taxpayers about $1 trillion – just this year.
According to UN Secretary-general Ban Ki-moon, “In spite of these positive findings, to keep global temperature rise well below 2 degrees and aim for 1.5 degrees, we must immediately shift away from fossil fuels.“
We are not immediately shifting away fossil fuels and many scientists believe that it may already be too late and that we are past the tipping point.
Since we can’t seem to stop spewing tens of billions of tons of carbon into the atmopshere each year we will need to someday soon remove it from the atmosphere. Carbon capture technology is still in its infancy and is not yet widely utilized. The development of carbon conversion technology is being encouraged somewhat by the paltry $20M NRG COSIA Carbon XPRIZE that “challenges the world to reimagine what we can do with CO2 emissions by incentivizing and accelerating the development of technologies that convert CO2 into valuable products”.
The failure of the Paris climate talks last year to impose anything more than voluntary climate goals instead of the necessary global carbon tax demonstrated that carbon fuel companies still call the shots, our governments are incapable of acting in our best interests and that we the people need to take action in our own lives to not just reduce carbon emissions but to adapt to climate change while we still can.