Countries must spend $16.5 trillionon renewables and efficiency till 2030
The International Energy Agency has said that the nations are required to spend around $16.5 trillion on renewables and efficiency through 2030 in order to deliver on the agreement reached in Paris on climate change.
Experts said that the agreement on the United Nations climate talks requires a complete overhaul of global energy policies, a huge investment in cleaner sources of energy and for cleaning up the pollution causing damage to the environment.
The International Energy Agency pointed out that the countries will have to shell out the large amount in order to meet the target outlined in the agreement on Saturday. The agreement includes 195 countries around the world and nations will be required to offer incentives for clean energy production, scale back support for fossil fuels like oil, make emissions more costly, and reduce deforestation.
Experts said that the changes in policies will impact major industries like transport, construction and others and convince people to opt for cleaner sources of energy. The agreement is aiming to limit the global temperature increase since the Industrial Revolution of the 18th and 19th centuries to 2 degrees Celsius. The agreement also calls upon every country to pursue efforts to limit the temperature increase to 1.5 degrees. The gaol would require all major countries to reduce emissions from burning fossil fuels and opt for cleaner sources of energy.
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