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Global investment in renewable energy capacity rose 2 percent to $303.
5 billion in 2020, professional services firm EY said on Tuesday, but more money
is needed to transition to clean energy if the world is to reach net-zero.
In its semi-annual report, the EY Renewable Energy Country Attractiveness Index (RECAI), the company estimates that another $5.
2 trillion in investment is needed, calling on institutional investors to play a role
in financing.
This figure is in line with estimates by the International Energy Agency (IEA), which in its report projects total annual energy investment to grow to $5 trillion
by 2030.
EY said this year's UN Climate Change Conference (COP26) should be an opportunity to bridge the gap between what governments have promised to
do and what they have done so far.
Carmine Di Sibio, EY Global Chairman and CEO, added, "No country or organization can do this
alone.
We need collaboration across industry ecosystems, geographies and governments to harness the power of technology to accelerate the world's transition
to a more sustainable future.
”
Global investment in renewable energy capacity rose 2 percent to $303.
5 billion in 2020, professional services firm EY said on Tuesday, but more money
is needed to transition to clean energy if the world is to reach net-zero.
In its semi-annual report, the EY Renewable Energy Country Attractiveness Index (RECAI), the company estimates that another $5.
2 trillion in investment is needed, calling on institutional investors to play a role
in financing.
This figure is in line with estimates by the International Energy Agency (IEA), which in its report projects total annual energy investment to grow to $5 trillion
by 2030.
EY said this year's UN Climate Change Conference (COP26) should be an opportunity to bridge the gap between what governments have promised to
do and what they have done so far.
Carmine Di Sibio, EY Global Chairman and CEO, added, "No country or organization can do this
alone.
We need collaboration across industry ecosystems, geographies and governments to harness the power of technology to accelerate the world's transition
to a more sustainable future.
”
