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By 2030 – Funding For Renewable Technologies Must riple

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Why Renewable Technologies ?

Renewable Technologies are the natural solutions which play in combating climate change was underlined by experts at a meeting in Cairns, Australia, last month. They also asked for much more support for these strategies.

In order to safeguard natural ecosystems and help combat climate change and preserve biodiversity, renewable technologies are the best nature-based solutions which must be implemented. As an illustration, conserving or establishing mangroves in coastal locations minimise the toll that storms have on human life, absorbs carbon, and simultaneously offers a home for fish, birds, and other vegetation.

We confront a twin crisis of climate change and nature, according to UN Climate Change Deputy Executive Secretary Ovais Sarmad, who spoke at the Forum on Finance for Nature-Based Solutions hosted by the UNFCCC Standing Committee of Finance. The connections between the two are unbreakable. Day by day, the mutual, linked ruin gets worse. If nature and climate change are related, it only makes sense that nature-based solutions be at the core of solving both and renewable technologies and its resources are the best aids in providing the best nature based solutions.

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Common Views Of Numerous Governments

Numerous governments have already included nature-based solutions into their national climate action plans, sometimes referred to as Nationally Determined Contributions, and national adaptation plans. However, increased financial and technical assistance is necessary for such initiatives in poor nations and in local communities.

Funds Decided For Finding Solutions

In order to fulfil the climate, environment, and land-neutrality objectives, investments in nature-based solutions must quadruple by 2030, according to Inger Andersen, executive director of the United Nations Environment Program. Currently, only about 133 billion dollars are directed toward such solutions.

Sarmad’s Views

Sarmad pleaded for the inclusion of climate change and environmental issues at the top of the national and international agendas and at the core of all financial choices, both public and private. He also urged governments to pay attention to the opinions of regional groups, small farmers, indigenous peoples, women, and young people.

What Is The Impact Of Using These Renewable Technologies ?

The Jaragun Ecoservices project in Australia, which safeguards a river catchment region near Cairns, is an illustration of a successful endeavour utilising natural remedies using best renewable technologies. Agricultural expansion in the Russell River region has caused harm and runs the risk of contaminating the Great Barrier Reef environment, a delicate and vital ecology for the entire world. Delegates gathered in Cairns witnessed firsthand how indigenous rangers are presently trying to rehabilitate the catchment region, which is made up of mangroves and floodplains and renewable technologies could be a great source in providing the nature based solutions for it..

Focus Of Elder Gudju Gudju

Indigenous Elder Gudju Gudju underlined the importance of nature, native species, and the terrible effects of losing them in his observation of the lengthy history of tribal land and natural management. In order to prevent losing those native species, it becomes important for us to find the best nature based solutions using the advanced renewable technologies.

What Delegates Were Looking For ?

Delegates talked on the overall function of novel financial tools in luring private capital and expanding public capital. The Green Sukuk green bond issued by Indonesia is cited as an example, with 100% of the revenues going to financing or refinancing climate change-related green projects. De-risking investments and offering preferential financing for nature-based solutions are other ways that multilateral development banks and funds might participate.

The consensus among experts was that mainstreaming such ideas into national planning can help spur collective action on nature-based solutions. However, a lot of things come down to money.

More Focus On Renewable Energy Industry

Environment Minister for Samoa, Frances Debra Brown-Reupena, stated: “A top priority for the government, nature-based solutions are deeply ingrained in our country’s national development policy. Currently, our biggest concern is finding the necessary funding to carry out all of our goals and our development strategy.”

Renewable Technology Examples :-

To reach 44 GW in 2021 and 49 GW in 2022 , rise in the field of renewable technologies and in developing more renewable technologies, inc, yearly capacity additions in Europe are anticipated to rise 11% in that time. With this growth, the area will surpass the previous record for yearly additions for the first time since 2011, overtaking China to take the position of the second-largest market. The Netherlands, Spain, the United Kingdom, France, and Germany will continue to contribute the most to the expansion of Europe’s renewable technology development. The EU 2030 climate objective has been extended by several nations, and corporate power purchase agreement (PPA) markets are expanding in many nations, contributing to this robust growth.

Latest Renewable Energy Technology 2021

After the remarkable increase in China last year, it is estimated that the number of annual wind capacity additions would decline in 2021–2022. However, 80 GW of installations are still planned annually worldwide, which is about 35% higher than in 2019. Slower wind capacity additions are somewhat offset by continuous growth in solar PV additions, which is encouraged by decreased investment costs and ongoing regulatory assistance. In 2021 and 2022, we anticipate record-breaking annual solar PV growth to reach 145 GW and 162 GW, respectively. This will represent over 55% of the growth in renewable energy for those two years. The start-up of massive projects in China will accelerate the addition of hydropower until 2022.

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