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.

 

Is this the end for the South Sudan government?

Washington easing aid freeze to Cairo

Israel weighs response to Palestinian unity deal

Jordan amends anti-terror law to curb Jihadist threat

Dubai's Emaar posts huge Q1 profit

Armenia leader accuses Ankara of 'utter denial' on genocide

Eight killed in Iraq car bomb attack

Mauritanian president will stand for re-election

France, US mull sanctions against South Sudan

South Sudan leader sacks army chief

Netayahu to Abbas: Does you want peace with Hamas or peace with Israel?

Bahrain expels representative of Grand Ayatollah Ali al-Sistani

Witnesses in Morsi trial: Hamas and Hezbollah attacked Egypt prisons

Family of detained Al-Jazeera reporter in Egypt call for his release

Bomb targets convoy of Education Minister in north Iraq

After Ervin scandal, Iran Prisons Chief becomes Head of Justice Department

Egypt FM travels to US as Washington relaxes hold on military aid

No Qatar ‘concessions’ on end of dispute with fellow Gulf states

US diplomat visits Libya amid political upheaval

Blair calls on West to combat ‘growing’ danger of Islamist extremism

Jarba asks Saudi Arabia to increase support for Syria rebels

Better late than never: Erdogan offers condolences over mass WWI killings of Armenians

Hezbollah veto dashes Geagea dreams of presidency

UN aid chiefs make impassionate call for Syria access

Police brigadier general killed in Cairo bomb attack

11 new MERS infections registered in Saudi

EU denounces Syria plans for June 3 election

Iran envoy row fails to make headway at UN

Amnesty: Qatar fails to protect domestic workers

US will deliver 10 Apache choppers to Egypt to counter terrorism

US expresses horror at South Sudan violence

Egypt's next president will have to deal with frustrated workers

Rival Palestinian leaders agree on national unity govt

Jumblatt backs lawmaker Henri Helou for Lebanon presidency

Global chemical watchdog: Syria weapons handover at 86.5 percent

Kerry ‘prefers’ Cold War-like situation to current complex challenges

Israel to call up Christian Arabs for military service

Egypt prosecutors submit new evidence in Jazeera trial

Families of Iran prisoners break silence over abuses at notorious Evin

Lebanon sends rare aid to its territory in Syria

Iran divorce rate increases amid slow population growth

Suspected militant attacks kill four Yemen officers in two days

Distrust casts shadow over South Kordofan peace talks

Ali Tarhuni heads Libya constituent assembly

Washington revisits story of Syria chemical weapons