Paris: Investing in renewable energy as it becomes available at competitive prices is a “no brainer”, a top official at the International Conference on Climate Change (COP21) said Saturday.
Speaking during a panel discussion held by the UAE-based International Renewable Energy Association (Irena) on the topic of Renewable Energy in the Mena (Middle East and North Africa) region, Paddy Padmanathan, CEO of Acwa Power, which co-owns and operates desalination plants, said: “Right now, prices of alternative sources of energy are decreasing — especially solar photo-voltaic panels, which have become cheaper by around 80 per cent over the past six to seven years.”
Additionally, subsidising fossil fuels while investing in renewable energy is inconsistent, another panellist said.
“Doing that is like eating a meal with diet coke then having baklava afterwards. It’s inconsistent,” said Fatih Birol, executive director of the International Energy Agency (IEA).
A report released on November 23 by Irena revealed that reaching a 36 per cent global market share of renewable energy by 2030 would result in 50 per cent of all emission reductions required to keep global warming from rising by two degrees Centigrade.
Currently, COP21 negotiations are under way with the main issue being differentiation on how to treat developed and developing countries.
“For instance on finance the question of which countries are expected or merely invited to provide money is highly sensitive. On mitigation and transparency, where all countries are already taking some action, there may be more scope for compromise,” the Ministry of Foreign Affairs revealed in a statement issued today.
“Other areas of disagreement include how ambition should be increased over time, for instance in committing countries to making each Intended Nationally Determined Contribution (INDC) stronger than the last. What kinds of reporting and data requirements are imposed. Who should be eligible for support,” the statement added.
