Science & Technology

Investing in renewable energy needed to stabilize the European energy market – is that enough?

Guest essay by Eric Waral

According to Dr. Fatih Birol, an annual investment of $ 4 trillion in global renewable energy will reduce Russia’s dependence on gas in Europe, but Russia has also recently said it will not send any more gas. He is also responsible for the crisis.

IEA: Green energy needed to avoid price fluctuations

Jonathan Joseph
Business Reporter, BBC News

Failure to invest adequately in green energy means that “the energy market may be increasingly disrupted,” the director of the International Energy Agency told the BBC.

“It’s not good news for the world economy,” said Dr. Fatih Birol.

Energy prices in the UK, Europe and Asia have hit record highs in recent weeks, raising inflation concerns.

IEA Annual World Energy Outlook Warns Clean energy and infrastructure require an annual investment of $ 4 trillion.

Such spending means that the world can limit global temperature rise by 1.5 degrees above pre-industrial levels, as agreed in Paris six years ago.

The warning will be held in Glasgow at the end of this month, so it is time for the COP26 Climate Change Summit.Dr. Virol said It was up to world leaders to encourage the necessary investment At the summit.

“If you want to promote clean energy, energy efficiency, solar electric vehicles, etc. [solutions]No more using fossil fuels. Switch to a clean energy source.

Russia, one of the world’s largest producers of natural gas, has been accused of withholding supplies that could ease these price pressures for political reasons. Dr. Virol said:Russia may have been, but it could still be more useful.Our figures show that Russia can easily increase the gas it sends to Europe by 15%., This may emphasize that you may be eligible as a trusted partner.

“There are some statements from Moscow, which are useful, but in addition to the statements, I am very happy to see some gas coming to Europe.”

IEA boss says that Government funding could trigger new private investment in clean energy And he is optimistic about what can be achieved in Glasgow.

“At the COP, we see that government leaders from around the world come together to unite and send an unmistakable signal to investors, who are united to build the future of clean energy.” Is also very important.If you keep investing in old energy [such as fossil fuels], You may lose money “..

“”Investing in clean energy can make a lot of money.that is [the] Political signal to go to investors“.

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My Question to Dr. Virol-How is Russia expected to supply more gas to Europe without investing in “old energy”? Does Dr. Fatibirol, head of the IEA, demand that Russian investors sacrifice themselves for the greater benefit of Europe?

Can you imagine what it would be like for a Russian trader to discuss energy sales with a European person? “You are evil, but your tax withholding is evil, so send a little more evil now.”

There is no doubt that Putin is laughing in his eyes every time he receives the latest information on the latest madness of his trading partners.

Investing in renewable energy needed to stabilize the European energy market – is that enough? Investing in renewable energy needed to stabilize the European energy market – is that enough?

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