Paris Agreement Unleashes $16 Trillion of Investment in Renewables and Cleantech
If you ever needed proof that we are truly embarking on a renewable energy revolution, then look no further than the latest report from one of the most respected credit ratings agencies in the world.
The report predicts that as a result of the Paris Agreement, the market for renewables, clean tech and green finance could take off because almost all of the plans submitted by the 195 countries mention renewables in their commitments. In fact, the pledges mentioned by China and India alone could potentially double the world's wind and solar capacity within 15 years.
The agency expects that investments will move more quickly into renewables and new business models, with a focus on providing more energy efficiency solutions to consumers globally. They also expect this energy transition to shake the industry's fundamentals over the coming years. In other words, the energy sector will undergo a dramatic and major transformation as never seen before.
“As the costs of renewable energy and other zero and low-carbon technologies continue to fall and more clean technological breakthroughs are unveiled, political pressure against supporting the initial cost of such a transformation should continue to ease and incentives for development should persist,” the report says.
This mega trend is supported by many new initiatives that were launched during COP21 such as Dubai committing to sourcing 25 percent of power generation from solar by 2030 and 75 percent by 2050, with a $27 billion Dubai Green Fund to support it. The International Solar Alliance by India and France, backed by 120 other governments, which aims to provide $1 trillion of solar investment, representing 1 terawatt (1,000 GW) of capacity, by 2030, is also a good example of this increase in finance for renewables.
Renewable energy, clean tech & green finance poised for $16.5 trillion post-Paris take-off https://t.co/WFyrFXd5KO https://t.co/uvtzpiy5he— GCCA (@GCCA)1453482058.0
To support this transition, a UN backed initiative was launched called the Green Infrastructure Investment Coalition. It aims to help investors understand the pipeline of green infrastructure investments as well as shape capital market instruments to ensure capital flows. The idea is to scale up the green bond market from its current $40 billion to the $1 trillion needed to fund low-carbon infrastructure.
This is all good news for consumers as well, as “Big leaps in energy innovation, cheaper renewables and the more efficient use of power—have reduced carbon emissions over the past 15 years without substantial increases in cost to end users.”
This latest renewable energy investment prediction is unprecedented and now that these market signals have been triggered, it’s up to governments and the corporate sector to start implementing this massive transition.
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By Katherine Kornei
Clear-cutting a forest is relatively easy—just pick a tree and start chopping. But there are benefits to more sophisticated forest management. One technique—which involves repeatedly harvesting smaller trees every 30 or so years but leaving an upper story of larger trees for longer periods (60, 90, or 120 years)—ensures a steady supply of both firewood and construction timber.
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A Gap of 500 Years<p>The team found wood with the characteristic coppice-with-standards tree ring pattern dating to as early as the 6th century. That was a surprise, Muigg and his colleagues concluded, because the first mention of this forest management practice in historical documents occurred only roughly 500 years later, in the 13th century.</p><p>It's probable that forest management practices were not well documented prior to the High Middle Ages (1000–1250), the researchers suggested. "Forests are mainly mentioned in the context of royal hunting interests or donations," said Muigg. Dendrochronological studies are particularly important because they can reveal information not captured by a sparse historical record, he added.</p><p>These results were <a href="https://www.nature.com/articles/s41598-020-78933-8" target="_blank">published in December in <em>Scientific Reports</em></a>.</p><p>"It's nice to see the longevity and the history of coppice-with-standards," said <a href="https://www.teagasc.ie/contact/staff-directory/s/ian-short/" target="_blank">Ian Short</a>, a forestry researcher at Teagasc, the Agriculture and Food Development Authority in Ireland, not involved in the research. This technique is valuable because it promotes conservation and habitat biodiversity, Short said. "In the next 10 or 20 years, I think we'll see more coppice-with-standards coming back into production."</p><p>In the future, Muigg and his collaborators hope to analyze a larger sample of historic timbers to trace how the coppice-with-standards practice spread throughout Europe. It will be interesting to understand where this technique originated and how it propagated, said Muigg, and there are plenty of old pieces of wood waiting to be analyzed. "There [are] tons of dendrochronological data."</p><p><em><a href="mailto:email@example.com" target="_blank" rel="noopener noreferrer">Katherine Kornei</a> is a freelance science journalist covering Earth and space science. Her bylines frequently appear in Eos, Science, and The New York Times. Katherine holds a Ph.D. in astronomy from the University of California, Los Angeles.</em></p><p><em>This story originally appeared in <a href="https://eos.org/articles/tree-rings-reveal-how-ancient-forests-were-managed" target="_blank">Eos</a></em> <em>and is republished here as part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.</em></p>
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