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.

 

5 killed in string of suicide bombings in Lebanon

Netanyahu lauds Israel’s deal with Turkey

Iraq forces take ISIS last positions in Fallujah

One year on, Tunisia holds minute silence for beach massacre victims

Iran cracks down on ‘Western culture’ of canine ownership

Turkey allows German minister visit after air base row

UN chief tells Israelis, Palestinians 'stand firm against violence'

Brexit vote unlikely to curtail Gulf appetite for London property

Egypt cancels high school final exam after online leaks

Dozens killed as clashes intensify in Yemen

Sarraj says only united military can defeat ISIS in Libya

Jordan court charges 21 people with 'terrorism'

Iran conceals heated military standoff in Kurdish region

Brexit vote lays bare depth of division across Britain

Young Britons vent anger at grey Brexit vote

Russia planes pound Aleppo as Syria regime forces closes in

Car bomb kills four civilians in Libya's Benghazi

US-backed Syria fighters edge further into ISIS border hub

Tunisia flaunts seaside security to bring back tourists

Britain and EU: A fraught divorce

Libya govt. forces repel ISIS counterattack in Sirte

Oil slides on British referendum result

Crashed EgyptAir black boxes to go to France for repairs

5,000 migrants rescued from rubber dinghies in Mediterranean

Britain votes to break away from EU, PM resigns

Turkey acquits British academic over 'terror propaganda' charges

24 jailed in Bahrain for forming IS cell

Iraq commander says forces control over 80% of Fallujah

Israel sentences 4 Palestinians to life

Turkey in new quest to patch up with regional foes

Defiant Bahrain moves to dissolve opposition bloc

Kurdish-Arab forces push into IS Syria bastion of Manbij

Yemen govt says rebels must withdraw before any transition

Turkey confirms new accession talks with EU

Saudi suspect found dead after gunfight in Shiite town

Suspended Kuwait sues IOC for damages

Erdogan lashes out at EU treatment of Turkey

UN Chief, Saudi prince discuss situation in Yemen

Turkey blocks visit of German delegation to Incirlik air base

Trump goes on blistering offensive against Clinton

EU negotiators endorse new border force proposal

Head of EU parliament hopes to arrange meeting of Israeli, Palestinian leaders

Turkish prosecutors demand 14 years for activists

Final push for votes as EU leaders warn over Brexit

Egypt government appeals court block on islands’ transfer to Saudis