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.

 

Egypt, France agree to step up cooperation against terrorism

Syria, Russia support UN in suspending Aleppo fighting

Pope to rebuild bridges with Islamic world in Turkey visit

OPEC meets for pivotal decision on oil output

Lebanese diva Sabah passes away

Powers to push for Iran nuclear deal before new deadline

Iraqi forces, tribesmen battle IS jihadists in Ramadi

Egypt jails 78 minors for pro-Morsi protests

US slams Assad regime for ‘continued slaughter’

Regime indiscriminate strikes kill scores in Islamic State 'capital' in Syria

Putin meets with Syria Foreign Minister in Black Sea retreat of Sochi

Britain rushes to fight terror with controversial bill

Gunmen kill 3 Egypt policemen in fresh terrorist attack

Iran lawmakers finally approve third Rouhani science minister pick

Turkey clears only suspect in alleged poisoning of former president

Huthis humiliate Al-Ahmar clan with capture of Sanaa headquarters

Christians hold out in Syria second city despite Daesh threat

Libya’s Derna emerges as new IS stronghold

Egypt to reopen Rafah border crossing Wednesday

Egypt leader begins two-day trip to France

Tribesmen blow up Yemen’s main oil pipeline

Russia trims oil output

UN chief calls for halt to Libya air strikes

Syrian air strikes on Raqa kill 63 civilians

17 killed in fatal Cairo building collapse

Egypt nabs five Salafist leaders

Essebsi leads Tunisia presidential vote

Paris pushing for 'safe zones' in war-torn Syria

New air strike hits Tripoli’s sole operational airport

Pentagon chief steps down

Saudi seeks to ‘knock out’ shale oil competitors from oil market

Death toll rises from Morocco flash floods

Yemen troops free 8 hostages from Al-Qaeda

Italy hails Egypt as 'strategic partner'

US Congress skeptical of Iran nuclear talks extension

Khartoum, Darfur rebels open ceasefire talks

Time runs out for biggest chance to resolve Iran nuclear standoff

Egypt leader heads to Italy

Morocco arrests six over online IS allegiance pledge

Iraqi forces retake areas near Iran border from jihadists

Southern Morocco storms claim eight lives

Marzouki, Essebsi set for runoff in Tunisia presidential vote

Biden wraps up Turkey visit without breakthrough on Syria

Sudan launches investigation into claims of 'mass rape' in Darfur village

Assad urges ‘real pressure’ on backers of 'terror'