First Published: 2013-01-15

 

Hollande calls for more renewable energy spending

 

French President warns failure to invest in developing renewable energy will increase demand for fossil energy, risks of global warming.

 

Middle East Online

$300 billion of investments in sustainable renewable energy are needed this year

ABU DHABI - French President Francois Hollande called on Tuesday for pumping more investments in renewable energy projects to prepare for the post-oil era and to avoid global warming.

"If we don't spend ... we will have a catastrophe," Hollande told the opening session of the World Future Energy Summit (WEFS) in Abu Dhabi.

Failure to spend in developing renewable energy will increase demand for fossil energy and "make its prices unaffordable," besides increasing risks of global warming, he said.

Organisers of the three-day summit, which is held simultaneously with the first International Water Summit, say that around $257 billion were spent on renewable energy projects around the world in 2011.

Hollande said it is estimated that $300 billion of investments in sustainable renewable energy are needed this year but the requirement comes during the times of economic crises.

He called for all countries to contribute and proposed establishing joint funds between oil producing and consuming countries for the purpose.

"France wants to make the transition in energy resources a national, European and global cause," Hollande said.

The Abu Dhabi-based International Renewable Energy Agency (IRENA) on Monday launched a new global roadmap to consolidate efforts to double clean energy by 2030 but warned the process must be accelerated substantially to achieve the target.

"International efforts to double the share of renewable energy by 2030 are attainable but need to accelerate substantially if they are to be successful," IRENA said.

The target aims to raise the share of clean renewable energy sources such as solar, wind and biomass to around 30 percent of global energy mix from around 16 percent currently.

"Based on estimates, by 2030, the renewable energy share will rise to just 21 percent, thus we will have a nine-percent gap," IRENA Director General Adnan Amin told the closing session of the meeting.

A large number of experts and officials will be discussing issues related to sustainable renewable energy and the scracity of water resources especially in the Middle East throughout the meetings.

 

New government in Yemen plus cut in fuel prices

11 Egypt policemen killed in Sinai bomb blast

US army back in Somalia

Paris, Riyadh 'finalising' $3bn Lebanon arms deal

Sudan orders Iran to close cultural centres

Syria arrests pro-regime activists over criticism

Libya pro-Islamist figure presents rival cabinet lineup

Israel faces mounting criticism over Palestinian land grab

Saudi Arabia arrests 88 suspected extremists in 'anti-terror' drive

New UN chief for South Sudan faces ‘huge challenge’

US air strikes target senior Shebab officials in Somalia

‘Scourge of terrorism’ pushes Africa to intensify cooperation

Relatives of missing Iraq soldiers storm parliament in Baghdad

IS accused of 'systematic ethnic cleansing' in Iraq

UK announces tougher measures against Britons planning jihad

Algeria hosts new round of Mali peace talks

US launches new round of air strikes around Iraq dam

Turkey summons US charge d'affaires over Snowden claims

Turkey new PM promises peace with Kurds

Will UN Human Rights Council investigate IS abuses?

Iran convicts Ahmadinejad's vice president for embezzlement

Fierce clashes shatter uneasy calm near armistice line in Golan Heights

Turkey detains dozens of police in new nationwide raids

Libya loses control of Tripoli to Islamist-led militias

Thousands of Huthis defy UN in new show of strength

Iraq presses fightback against jihadist-led militants

Wounded Gazans need long-term care

Britain to go tougher on jihadist suspects

Libyan Islamist militiamen control US embassy compound

Israel shoots down drone over occupied Golan Heights

Yemen army suffers heavy losses in new wave of Qaeda attacks

Turkish army breaks silence on Kurdish peace talks

Islamic State offers grim inspiration to African extremists

Shebab target intelligence HQ in Somalia

Israel expropriates 988 acres of Palestinian land in West Bank

Iraq recaptures Amerli from Islamic State in biggest success so far

Saudi King calls for ‘strong and rapid action’ against jihadists

Jihadists distribute Yazidi women as spoils of war to fighters

Gulf countries resolve six-month dispute with Qatar

Egypt reduces Badie death sentence to life in prison

AU forces liberate former Shebab stronghold in Somalia

Philippines enters war in Syria!

Kurds put aside old rivalries to battle jihadists in Iraq

Iran says new sanctions cast doubt on US sincerity

US imposes new sanctions on Iran