Miracle needed for Paris climate deal

Topics
No items found.
Richard Heap
June 22, 2015
This content is from our archive. Some formatting or links may be broken.
This content is from our archive. Some formatting or links may be broken.
Miracle needed for Paris climate deal

Do you believe in miracles?

You probably need to if you expect an ambitious deal at the United Nations climate talks in Paris in six months’ time. Indeed, French president Francois Hollande said gaining backing from 196 nations for global renewable energy targets would be a “miracle”.

Nevertheless, we can hope. That is why we have been reading a report from the International Energy Agency, called ‘Energy and Climate Change’. This looks at the latest changes in the global energy market, including the growth of renewables, and includes a wish list of agreements the agency would like to see in Paris.

In particular, it sets out four goals it wants to see at that UN meeting if countries around the world are going to continue to promote the growth of renewables, including wind:

  • Peak in emissions: IEA wants leaders at the UN summit to commit to a peak in energy-related emissions in 2020. It said this could be achieved with steps including promoting efficiency in the energy sector; phasing out fossil fuel subsidies to end users by 2030; and growing renewables investments from $270bn in 2014 to $400bn in 2030.
  • Five-year revision: Leaders should commit to a mechanism by which they could review their level of ambition every five years. The IEA said this would sent a clearer message to investors that world leaders are committed to decarbonisation of energy sources.
  • Lock in the vision: The IEA said governments should build on the support they give to the development of technology in the wind and solar sectors by providing similar support to energy storage technology, which promises to improve the reliability of these sources.
  • Track the transition: Governments should introduce a rigorous process for tracking the progress towards nationally-determined climate change mitigation goals. It said tangible evidence would give investors, and others, confidence that everyone is acting together.

It said these steps were key if sectors including wind are to build on their current progress.

The cost of technology is coming down, and investment in energy storage will help further improve the business case for wind, but subsidies are still needed in most markets. A big statement of support for wind would be great for the confidence of investors.

In our view, the IEA ambitions for the Paris talks are sensible. Investors want certainty and these targets would give certainty.

That, however, does not mean they will happen. We have seen from bitter experience how tough it is to reach global deals on climate change. And yet, such political support is vital to wind. Yes, we have seen strong investment in wind in the last year: almost half of energy generation capacity added worldwide in 2014 came from renewables (128GW), of which wind accounted for one third.

However, the recently-released 'BP Statistical Review of World Energy' shows how much further wind has to go.

In the last year, the share of renewables and nuclear in the world energy mix was 13.7%. This is only a small increase from 13.1% in 1995. There is still a lot to be done if the world is to wean itself off its reliance on fossil fuels.

A clear and ambitious deal in Paris would be a big step down that road. But, at present, it looks like that is only for the faithful.

Do you believe in miracles?

You probably need to if you expect an ambitious deal at the United Nations climate talks in Paris in six months’ time. Indeed, French president Francois Hollande said gaining backing from 196 nations for global renewable energy targets would be a “miracle”.

Nevertheless, we can hope. That is why we have been reading a report from the International Energy Agency, called ‘Energy and Climate Change’. This looks at the latest changes in the global energy market, including the growth of renewables, and includes a wish list of agreements the agency would like to see in Paris.

In particular, it sets out four goals it wants to see at that UN meeting if countries around the world are going to continue to promote the growth of renewables, including wind:

  • Peak in emissions: IEA wants leaders at the UN summit to commit to a peak in energy-related emissions in 2020. It said this could be achieved with steps including promoting efficiency in the energy sector; phasing out fossil fuel subsidies to end users by 2030; and growing renewables investments from $270bn in 2014 to $400bn in 2030.
  • Five-year revision: Leaders should commit to a mechanism by which they could review their level of ambition every five years. The IEA said this would sent a clearer message to investors that world leaders are committed to decarbonisation of energy sources.
  • Lock in the vision: The IEA said governments should build on the support they give to the development of technology in the wind and solar sectors by providing similar support to energy storage technology, which promises to improve the reliability of these sources.
  • Track the transition: Governments should introduce a rigorous process for tracking the progress towards nationally-determined climate change mitigation goals. It said tangible evidence would give investors, and others, confidence that everyone is acting together.

It said these steps were key if sectors including wind are to build on their current progress.

The cost of technology is coming down, and investment in energy storage will help further improve the business case for wind, but subsidies are still needed in most markets. A big statement of support for wind would be great for the confidence of investors.

In our view, the IEA ambitions for the Paris talks are sensible. Investors want certainty and these targets would give certainty.

That, however, does not mean they will happen. We have seen from bitter experience how tough it is to reach global deals on climate change. And yet, such political support is vital to wind. Yes, we have seen strong investment in wind in the last year: almost half of energy generation capacity added worldwide in 2014 came from renewables (128GW), of which wind accounted for one third.

However, the recently-released 'BP Statistical Review of World Energy' shows how much further wind has to go.

In the last year, the share of renewables and nuclear in the world energy mix was 13.7%. This is only a small increase from 13.1% in 1995. There is still a lot to be done if the world is to wean itself off its reliance on fossil fuels.

A clear and ambitious deal in Paris would be a big step down that road. But, at present, it looks like that is only for the faithful.

Do you believe in miracles?

You probably need to if you expect an ambitious deal at the United Nations climate talks in Paris in six months’ time. Indeed, French president Francois Hollande said gaining backing from 196 nations for global renewable energy targets would be a “miracle”.

Nevertheless, we can hope. That is why we have been reading a report from the International Energy Agency, called ‘Energy and Climate Change’. This looks at the latest changes in the global energy market, including the growth of renewables, and includes a wish list of agreements the agency would like to see in Paris.

In particular, it sets out four goals it wants to see at that UN meeting if countries around the world are going to continue to promote the growth of renewables, including wind:

  • Peak in emissions: IEA wants leaders at the UN summit to commit to a peak in energy-related emissions in 2020. It said this could be achieved with steps including promoting efficiency in the energy sector; phasing out fossil fuel subsidies to end users by 2030; and growing renewables investments from $270bn in 2014 to $400bn in 2030.
  • Five-year revision: Leaders should commit to a mechanism by which they could review their level of ambition every five years. The IEA said this would sent a clearer message to investors that world leaders are committed to decarbonisation of energy sources.
  • Lock in the vision: The IEA said governments should build on the support they give to the development of technology in the wind and solar sectors by providing similar support to energy storage technology, which promises to improve the reliability of these sources.
  • Track the transition: Governments should introduce a rigorous process for tracking the progress towards nationally-determined climate change mitigation goals. It said tangible evidence would give investors, and others, confidence that everyone is acting together.

It said these steps were key if sectors including wind are to build on their current progress.

The cost of technology is coming down, and investment in energy storage will help further improve the business case for wind, but subsidies are still needed in most markets. A big statement of support for wind would be great for the confidence of investors.

In our view, the IEA ambitions for the Paris talks are sensible. Investors want certainty and these targets would give certainty.

That, however, does not mean they will happen. We have seen from bitter experience how tough it is to reach global deals on climate change. And yet, such political support is vital to wind. Yes, we have seen strong investment in wind in the last year: almost half of energy generation capacity added worldwide in 2014 came from renewables (128GW), of which wind accounted for one third.

However, the recently-released 'BP Statistical Review of World Energy' shows how much further wind has to go.

In the last year, the share of renewables and nuclear in the world energy mix was 13.7%. This is only a small increase from 13.1% in 1995. There is still a lot to be done if the world is to wean itself off its reliance on fossil fuels.

A clear and ambitious deal in Paris would be a big step down that road. But, at present, it looks like that is only for the faithful.

Do you believe in miracles?

You probably need to if you expect an ambitious deal at the United Nations climate talks in Paris in six months’ time. Indeed, French president Francois Hollande said gaining backing from 196 nations for global renewable energy targets would be a “miracle”.

Nevertheless, we can hope. That is why we have been reading a report from the International Energy Agency, called ‘Energy and Climate Change’. This looks at the latest changes in the global energy market, including the growth of renewables, and includes a wish list of agreements the agency would like to see in Paris.

In particular, it sets out four goals it wants to see at that UN meeting if countries around the world are going to continue to promote the growth of renewables, including wind:

  • Peak in emissions: IEA wants leaders at the UN summit to commit to a peak in energy-related emissions in 2020. It said this could be achieved with steps including promoting efficiency in the energy sector; phasing out fossil fuel subsidies to end users by 2030; and growing renewables investments from $270bn in 2014 to $400bn in 2030.
  • Five-year revision: Leaders should commit to a mechanism by which they could review their level of ambition every five years. The IEA said this would sent a clearer message to investors that world leaders are committed to decarbonisation of energy sources.
  • Lock in the vision: The IEA said governments should build on the support they give to the development of technology in the wind and solar sectors by providing similar support to energy storage technology, which promises to improve the reliability of these sources.
  • Track the transition: Governments should introduce a rigorous process for tracking the progress towards nationally-determined climate change mitigation goals. It said tangible evidence would give investors, and others, confidence that everyone is acting together.

It said these steps were key if sectors including wind are to build on their current progress.

The cost of technology is coming down, and investment in energy storage will help further improve the business case for wind, but subsidies are still needed in most markets. A big statement of support for wind would be great for the confidence of investors.

In our view, the IEA ambitions for the Paris talks are sensible. Investors want certainty and these targets would give certainty.

That, however, does not mean they will happen. We have seen from bitter experience how tough it is to reach global deals on climate change. And yet, such political support is vital to wind. Yes, we have seen strong investment in wind in the last year: almost half of energy generation capacity added worldwide in 2014 came from renewables (128GW), of which wind accounted for one third.

However, the recently-released 'BP Statistical Review of World Energy' shows how much further wind has to go.

In the last year, the share of renewables and nuclear in the world energy mix was 13.7%. This is only a small increase from 13.1% in 1995. There is still a lot to be done if the world is to wean itself off its reliance on fossil fuels.

A clear and ambitious deal in Paris would be a big step down that road. But, at present, it looks like that is only for the faithful.

Do you believe in miracles?

You probably need to if you expect an ambitious deal at the United Nations climate talks in Paris in six months’ time. Indeed, French president Francois Hollande said gaining backing from 196 nations for global renewable energy targets would be a “miracle”.

Nevertheless, we can hope. That is why we have been reading a report from the International Energy Agency, called ‘Energy and Climate Change’. This looks at the latest changes in the global energy market, including the growth of renewables, and includes a wish list of agreements the agency would like to see in Paris.

In particular, it sets out four goals it wants to see at that UN meeting if countries around the world are going to continue to promote the growth of renewables, including wind:

  • Peak in emissions: IEA wants leaders at the UN summit to commit to a peak in energy-related emissions in 2020. It said this could be achieved with steps including promoting efficiency in the energy sector; phasing out fossil fuel subsidies to end users by 2030; and growing renewables investments from $270bn in 2014 to $400bn in 2030.
  • Five-year revision: Leaders should commit to a mechanism by which they could review their level of ambition every five years. The IEA said this would sent a clearer message to investors that world leaders are committed to decarbonisation of energy sources.
  • Lock in the vision: The IEA said governments should build on the support they give to the development of technology in the wind and solar sectors by providing similar support to energy storage technology, which promises to improve the reliability of these sources.
  • Track the transition: Governments should introduce a rigorous process for tracking the progress towards nationally-determined climate change mitigation goals. It said tangible evidence would give investors, and others, confidence that everyone is acting together.

It said these steps were key if sectors including wind are to build on their current progress.

The cost of technology is coming down, and investment in energy storage will help further improve the business case for wind, but subsidies are still needed in most markets. A big statement of support for wind would be great for the confidence of investors.

In our view, the IEA ambitions for the Paris talks are sensible. Investors want certainty and these targets would give certainty.

That, however, does not mean they will happen. We have seen from bitter experience how tough it is to reach global deals on climate change. And yet, such political support is vital to wind. Yes, we have seen strong investment in wind in the last year: almost half of energy generation capacity added worldwide in 2014 came from renewables (128GW), of which wind accounted for one third.

However, the recently-released 'BP Statistical Review of World Energy' shows how much further wind has to go.

In the last year, the share of renewables and nuclear in the world energy mix was 13.7%. This is only a small increase from 13.1% in 1995. There is still a lot to be done if the world is to wean itself off its reliance on fossil fuels.

A clear and ambitious deal in Paris would be a big step down that road. But, at present, it looks like that is only for the faithful.

Full archive access is available to members only

Not a member yet?

Become a member of the 6,500-strong A Word About Wind community today, and gain access to our premium content, exclusive lead generation and investment opportunities.

Full archive access is available to members only

Not a member yet?

Become a member of the 6,500-strong A Word About Wind community today, and gain access to our premium content, exclusive lead generation and investment opportunities.