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.

 

Turkey warns post-coup crackdown ‘not completed yet’

ISIS claims deadly bombing in Syria Kurdish city

Morocco arrests 52 suspects planning to set up ISIS branch

Egypt has asked IMF for financial support

Cirque du Soleil calls off 40 shows in Turkey

Clinton camp accuses Trump of inviting foreign spying

Coalition opens formal investigation into Syria civilian deaths

Pope to journalists: 'World at war', but not a religious war

Egypt top Muslim cleric denounces murder of French priest

Russia denies meddling in US election campaign

Syria regime kills 16 civilians in Aleppo assault

Killer of France priest was 'Syria obsessed time-bomb'

Netanyahu defends war record after protest by parents of dead soldiers

44 dead in double bomb blast in Syria Kurdish city

Marketplace bomb in Yemen kills 7

Kuwait jails Shiite MP for insulting Arab Gulf states

Iran presidential election set for May 2017

Bahrain tries prominent Shiite cleric

Turkey planning anti-Gulen army purge before coup

Turkey issues more arrest warrants for journalists

Israeli raid kills Hamas member said to be behind attack

Saudi condemns "in the strongest terms" deadly attack on France church

Shabaab says suicide bomber was ex-Somali MP

Bahrain refers 138 ‘terror’ suspects to court

Brutal attacks reignite political friction in Germany

Weakened army still faces twin challenges in Turkey

Turkey detains top generals, prominent journalists in widening purge

Hamas 'summer camp' trains dozens of young people for war

Palestinians seek to sue Britain over 1917 Balfour Declaration

UN hopes Syria peace talks can resume late August

Israeli authorities destroy 11 Palestinian homes in Jerusalem

Libya demands explanation over presence of French troops

ISIS claims attack on French church in Normandy

Erdogan accuses EU of not paying up under migrant deal

Study: Height down in some MENA countries

Iran denies presence of three Al-Qaeda operatives

Iran caps salaries in bid to end scandal

Kerry says US-Russia talks on Syria 'making progress'

Erdogan to visit Russia on August 9

More than 3,000 lost in Mediterranean in 2016

13 killed in Somalia suicide bomb attacks

Panama Papers reveal Italian bribes' paid to Algerian officials

Syria regime advances on rebels in Aleppo

Turkey detains veteran female reporter

Russia ‘far from US positions’ on Syria