RIYADH: Rising consumption in the wake of the COVID-19 pandemic is set to drive greenhouse gas emissions to all-time highs, the International Energy Agency said on Tuesday.
“We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels in 2023, continuing to rise thereafter,” it said.
Governments worldwide have allocated around $380 billion on clean energy measures as of the second quarter of 2021 — representing about 2 percent of the total fiscal support in response to COVID-19, the Paris based body said in a report.
It coincides with a major push by global oil companies to reduce emissions and invest in the renewables sector.
The IEA estimates that government spending and new policies put in place since last year are expected to add an extra $350 billion a year to clean energy and electricity network spending between 2021 and 2023.
Although this represents an increase of 30 percent over the levels seen in recent years it is still only 35 percent of the amount envisaged by the IEA Sustainable Recovery Plan to put the world on track for net-zero emissions by 2050.
“Since COVID-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is,” said IEA Executive Director Fatih Birol.
The IEA said investment proposals from G20 nations would likely meet about 60 percent of the spending needed to allow the Paris temperature goals to be attainable.
Among developing nations, that dropped to 20 percent.
Last month the IEA published its clean investment report, which found that annual green investment would need to rise to more than $1 trillion by 2030 from less than $150 billion in 2020 if the world is to reach carbon neutrality by 2050.
Pandemic rebound to push emissions to all time high says IEA
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Pandemic rebound to push emissions to all time high says IEA
- It coincides with a major push by global oil companies to reduce emissions and invest in the renewables sector
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
