A new report has found national plans to tackle climate change submitted prior to the Paris climate talks has placed the world on the brink of a renewable energy revolution.
In the lead up to the COP21 UN climate negotiations being held in Paris, countries submitted climate change commitments called Intended Nationally Determined Contributions, or INDCs. The report, Transformational INDCs: how new renewables pledges could transform the economics of wind and solar, concludes that the INDCs have placed us “on the brink of a huge expansion in renewable capacity.”
Pledges made by China and India alone could double the current global capacity of wind and solar in the next fifteen years.
This is a somewhat unsurprising turn of events, given the breakneck speed at which the renewable energy industry has been growing over recent years, surpassing even the most enlightened and optimistic forecasts such as those made by the International Energy Agency: specifically, the report notes the dramatic growth of the wind and solar industries.
Subsequently, the current climate negotiations in Paris have a lot to live up to.
“Businesses and investors are looking to negotiators in Paris to agree on a new global climate deal so that they can unleash a wave of new investment in clean energy,” said Richard Black, director of the Energy and Climate Intelligence Unit, the organization behind the new report. “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.”