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 reinforces ground forces across border into Syria

Iraq parliament votes to impeach defense minister

Tunisia unity government to remain unchanged

Kerry announces new Yemen peace initiative

Raped teen who took own life finally gets justice in Morocco

Kerry in Saudi for talks on regional conflicts

UN Syria envoy expects 'impact' from Kerry-Lavrov meeting

Russia says will cooperate in Syria chemical attacks probe

Iraq forces take key town south of Mosul

Hamas to leave name off ballot in Palestinian elections

Iranian navy in 'unsafe' intercept of US destroyer

Three wounded in PKK attack on Turkey opposition chief's convoy

Erdogan to inaugurate Istanbul's third Bosphorus bridge

China to train Syrian troops

Turkey says 'every right' to intervene if Kurds fail to withdraw

UN rights chief urges international probe of Yemen violations

Syria rebels backed by Turkey tanks 'seize' Jarabulus

Libya's presidential council to present new cabinet

Syria regime, Kurds blast Turkish incursion

Biden: Washington told Kurds not to cross Euphrates

Israeli court shuns plea to unchain Palestinian hunger striker

Saudi police foil mosque suicide bombing

Kerry to meet Russia's Lavrov in Geneva on Friday

Kurdish forces in Syria prime target for Turkey

Drone strike kills 2 Qaeda suspects in Yemen

Iran yet to decide on OPEC limits

Iraq forces advance south of Mosul

Muslim women say swimsuit uproar is 'absurd'

Gaza animals leave 'world's worst' zoo

Hasakeh: key flashpoint for Syria regime, Kurds

Kerry heads to Saudi on Yemen peace push

British woman killed in Australian stabbing

Hajj stoning to be shortened after deadly stampede

Turkey launches operation to clear Syria border town from IS

Israel raids West Bank arms factories

Morocco posts fall in foreign tourist arrivals

Turkey cuts interest rates defying inflation jump

Syria regime, Kurds agree Hasakeh truce

Iran says it requested Russian strikes on Aleppo

Turkey shells IS positions in Syria

UN braces for massive flight from Mosul

Sudanese migrant killed in Calais clashes

Palestinian suspect in police killings beaten to death

Iraq forces launch push to retake town south of Mosul

UN aid chief warns of 'unparalleled' catastrophe in Aleppo