The main driver of the growth of renewables is energy security as Russia, a major oil and gas exporter, continues its war in Ukraine, the head of the International Energy Agency (IEA) has said.
Fatih Birol, the IEA’s executive director, was speaking as part of a panel at the World Economic Forum in Davos on Tuesday.
“In the past, renewables, electric cars, [and] efficiency of heat pumps, they were growing, but the main driver was environmental reasons,” said Mr Birol.
But, following the Russia-Ukraine war, "there is also more structural response coming from the countries [policy-wise]", he said.
In May, the EU launched the REPowerEU plan, which comprises measures to tackle the energy crisis triggered by the conflict.
With the help of the programme, the bloc plans to reduce demand for Russian gas, with up to €300 billion ($324.41 billion) in investment.
Meanwhile, the US passed the Inflation Reduction Act (IRA) last year, which offers a series of tax incentives on wind, solar, hydropower and other renewables as well as a push towards electric vehicle ownership.
India, the world’s third-largest crude oil importer, aims to produce 500 gigawatts of non-fossil fuel capacity by 2030 to meet half of its energy demand through renewables.
“We are seeing a big push mainly driven by the industrial policies of the countries … hopefully we will have a secure and clean energy future,” said Mr Birol.
However, there were also calls to standardise policies globally.
America’s IRA legislation, which includes hundreds of billions in federal subsidies for green technology, has been met with some opposition in the EU amid concerns that it would put European companies at an unfair disadvantage.
Jozef Sikela, the Czech Republic’s Industry Minister, called the US subsidies “dangerous” and said European countries would struggle to offer similar terms to clean energy investors.
There is a “completely different” fiscal rule in Europe, where countries are facing 7 per cent to 25 per cent inflation, said Mr Sikela, who was speaking on the same panel.
“It is saying to the European investors go to the US because this is more profitable ... [and] they can get you much cheaper energy than what you can get in Europe,” he said.
Need for funds
Policymakers and industry leaders have raised concerns about the need to financially support clean energy efforts in developing countries.
Investment in renewable energy needs to double to more than $4 trillion by 2030 to meet net-zero targets, the IEA says.
“I think the situation is incredibly clear in the sense that we sort of know where we have got to go and we have to accelerate the speed at which we are going there multiple times,” Martin Wolf, chief economics commentator at the Financial Times, told the panel.
“This will require a staggering volume of resources, a lot of very clever policy and it has to be seen as a global public action programme."
Along with developed countries, China, the world’s second-largest economy and manufacturing hub, will play a key role, the panellists said.
“We have to understand China is the number-one driver of clean energy today with all its pros and cons,” said Mr Birol.
At an event on the weekend, US climate envoy John Kerry criticised the lack of investment in global energy transition efforts, saying not enough money was being “put on the table” to achieve net-zero targets.
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Zayed Sustainability Prize
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
THE SIXTH SENSE
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AT4 Ultimate, as tested
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
