As the government worldwide, which introduce stimulus packages to support the ailing economy in light of the COVID-19 pandemic, should also align these measures with the goals set under the Paris Climate agreement and the UN sustainable development agenda, Francesco La Camera, the chief of the International Renewable Energy Agency (IRENA) said on Monday
MOSCOW (Pakistan Point News / Sputnik - 20th April, 2020) As the government worldwide, which introduce stimulus packages to support the ailing economy in light of the COVID-19 pandemic, should also align these measures with the goals set under the Paris Climate agreement and the UN sustainable development agenda, Francesco La Camera, the chief of the International Renewable Energy Agency (IRENA) said on Monday.
"This response must align with medium- and long-term priorities. The goals set out in the United Nations 2030 Agenda and the Paris Agreement can serve as a compass to keep us on course during this disorienting period. They can help to ensure that the short-term solutions adopted in the face of COVID-19 are in line with medium- and long-term development and climate objectives. Stimulus and recovery packages should accelerate the shift to sustainable, decarbonised economies and resilient inclusive societies," La Camera said in IRENA's first Global Renewables Outlook, shared with Sputnik.
The report also highlighted several scenarios of the transition to zero emissions by 2030 and 2050 and has estimated their required investments and outcomes of such a transition.
"Low-carbon investment would significantly pay off, the Outlook shows, with savings eight times more than costs when accounting for reduced health and environmental externalities. A climate-safe path would require cumulative energy investments of USD 110 trillion by 2050 but achieving full carbon neutrality would add another USD 20 trillion," IRENA noted.
Last week, the International Monetary Fund (IMF) in its latest World Economic Outlook that global economic growth was expected to slow down by more than 6 percent to reach -3.0 percent in 2020 as a result of the COVID-19 pandemic.
Earlier in April, the IMF Managing Director Kristalina Georgieva said the COVID-19 pandemic has caused a world-wide recession and its effects will be worse than the financial crisis of 2008.
