‘World on brink of huge expansion in renewable capacity’
The plans, called INDCs (Intended Nationally Determined Contributions), commit governments to a major expansion of renewable power. The report, Transformational INDCs: how new renewables pledges could transform the economics of wind and solar, by the Energy and Climate Intelligence Unit (ECIU) and Climate Nexus, shows that India and China’s pledges alone could double the current global capacity of wind and solar in the next fifteen years.
Significant growth in renewable energy capacity, and falling costs of generating electricity from renewable power, is a key difference between the Paris climate summit and the failed Copenhagen talks of 2006.
The report says that the INDCs highlight the transformative potential of the Paris process. If the renewables expansion the INDCs suggest lead to further cost reductions, it will enable even greater take up of clean technologies, creating a virtuous circle of renewable deployment. But the transformation is dependent on a successful outcome from the Paris negotiations.
“Businesses and investors are looking to negotiators in Paris to agree a new global climate deal so that they can unleash a wave of new investment in clean energy,” said Richard Black, director of the ECIU.
“It reinforces the view that increasingly, seeing climate change in terms what it will cost is nonsensical. As other analyses have shown, addressing climate risks effectively presents massive opportunities not just to maintain growth, but to have better growth.
“This report also shows how the deployment of climate solutions like renewable energy technologies is disrupting existing business models, particularly in energy. Businesses and governments that resist this transformation risk getting left behind.”
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