Renewables make financial sense
The past decade of commitments to shift to low carbon renewable energy have yielded few results. A new report by the International Renewable Energy Agency (Irena) shows that Covid-19 financial recovery packages provide six times more investment to fossil fuels than to renewable energy.
“We are waking up to the bitter reality that the climate policy promises over the past 10 years have mostly been empty words,” said Rana Adib, the executive director of REN21, an international policy network focused on renewable energy policy.
“The share of fossil fuels in final energy consumption has not moved by an inch. Phasing them out and making renewables the new norm are the strongest actions we can take.”
The majority of new renewable projects will be cheaper than coal
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