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Climate emergency and international agreements for the fight against pollution

Climate emergency and international agreements for the fight against pollution

The International Energy Agency, IEA, has warned that the transition towards clean energy is still too slow to meet the need to limit catastrophic climate changes.

There’s the risk of high volatility in the prices of fuels and consequently of electricity provoked by the lack of investments in renewable energy sources.

The uncertainty of government commitments to invest in renewable energy is creating the conditions for an extremely volatile period regarding the prices of fuels and of consequent inflation, with an increase in the prices of all assets that require petroleum and its derivatives and gas, for production and transport.

Despite the progress made, current government commitments on policies to reduce climate change are 20% below the level necessary for achieving zero emissions in 2050.

The goal should be that current technologies, supported by adequate political choices, fill the gap by 2030. 

It should be underlined that it is estimated that over 40% of actions that reduce climate change are also economically advantageous and therefore represent a genuine economic investment.

The IEA expects at least the following three things from COP26, the 26th United Nations Conference on Climate Change, organized by Italy and the United Kingdom:

1. the number of countries making a commitment for the climate to increase, because the 20% objective has become much higher and has to be achieved in a shorter period;

2. given that it is estimated that 90% if the future growth of CO2 emissions will be attributed to emerging countries, during COP26 it will be vital to seek agreements to finance the necessary investments to support renewable energy precisely in these countries which it is feared will be leaders in the growth of emissions;

3. the political leaders of the large economies, the EU, the USA, China and India, must commit to a clear communication: “if they continue to spend resources in the old sectors of “dirty”, non-renewable energy, they risk heavy financial losses, provoked by uncertainty”.

Nel World Energy Outlook has underlined the need for more investments in clean renewable energy. The current strong turbulence in the financial markets is for the most part generated by a strong post-pandemic recovery which is not clearly sustainable, that is, without adequate investments in renewable energy. It appears, moreover, that there are not sufficient actions to support renewable energy sources.

Reinova has predicted these problems for some time and works daily to transform them into opportunities. The company can boast a centre of excellence, unique in Italy, in the research and development of innovative technologies aimed at the electrification of mobility and energy efficiency and sustainability, to limit pollution and climate change.