Abu Dhabi, UAE – WAM Francesco La Camera, Director General of the International Renewable Energy Agency “IRENA”, said that renewable energy sources have become the dominant force in the global energy system, considering that this transformation cannot be stopped.
La Camera added that investments related to energy transition activities reached a new record of approximately $2.4 trillion.
About $800 billion was allocated to invest in productive capacities alone.
This reflects the accelerating pace of investment in renewable energy and other energy sources.
He stressed the need to raise the volume of annual investments to more than five trillion dollars to put the global track on a path consistent with the goals of the Paris Agreement.
He pointed out that the general path is positive and progress is positive, stressing the need to make more efforts during the next stage.
He explained that the world, despite making good progress on this path, is still far from reaching the speed and scale required to achieve the goals of the Paris Climate Agreement.
He pointed out that the work is taking place within the framework of the commitments agreed upon in Dubai during the COP28 Conference of the Parties, where the UAE played a leadership role.
He said that despite being a producer of fossil fuels, the UAE has proven its ability and readiness to transform the energy system, expand renewable energy projects, and host the largest solar power plants in the world.
He pointed out that Masdar Company invests in more than 45 countries around the world.
This reflects the UAE’s pivotal role as one of the leading countries leading the global energy sector transformation.
