Renewables investments outpacing fossil fuels says report

In many countries renewables are "outpacing" fossil fuels in terms of new investments, according to a new report from the International Renewable Energy Agency (IRENA). In 2013, the global amount of investments  in wind and solar power reached €241 billion, 17% up from the previous year, says the report.

Asian countries, it says, are increasingly looking at ways to use their biomass resources to help cut global greenhouse gas emissions.  IRENA says that nations such as China are adopting "ambitious targets" for the development of biopower and biofuels.  Bio-power production increased  by approximately 9% in 2014, with China, the world’s biggest emitter of greenhouse gases, leading the way, along with Brazil and Japan. New figures from IRENA show that liquid biofuel production was up 9% in 2014, reaching its highest level to date. Although the United States and Brazil dominated overall volume, Asia experienced "particularly" high growth.

The research shows the estimated global biomass demand, in the United States, China, India, Brazil and Indonesia together accounts for 56% of the total by 2030. Meanwhile, a new study says despite the “impressive achievement” of its new national energy strategy,“much remains to be done” to reduce China’s heavy dependence on coal and to bring about a “genuine” reduction in greenhouse gas emissions. China's pledge to cut CO2 is criticized for not being ambitious enough, as it falls short of ambitions to limit warming to the 2˚C threshold and because a greater reduction in carbon intensity and an earlier emissions peak are seen as being possible.

These are the findings of an analysis of emission reduction pledges by the world’s biggest emitters by Friends of Europe (FoE), a Brussels-based think tank.A separate study by Climate Action Tracker, a consortium of climate research organizations, says that promises made by governments to limit their national greenhouse gas emissions are “insufficient”. The group analyzed 15 of the 29 contribution promises and rated six, including China, as only “medium”.

The results come with all eyes on UN climate negotiations in Paris in December where global leaders will gather to seal what is meant to be a new, ambitious and legally binding climate deal.China accounts for 30% of global emissions (almost double that of the second largest, the US), has committed to a 60-65% reduction in CO2 emissions by 2030 compared to 2005 levels, with 20% of energy coming from non-fossil fuels by 2030.

FoE says that efforts already undertaken by the Chinese leadership have brought “significant” results: the country has emerged as the world’s leader in renewable energy investment, coal use has dropped and carbon intensity has been cut by over 30%. With the new 2030 targets submitted on 30 June, China has also committed itself to increasing its forest stock volume by approximately 4.5 billion cubic metres from the 2005 level.

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