COP21 pledges will need $13.5 trillion energy sector investment says IEA 

Posted: October 22, 2015 by oldbrew in climate, Politics
Tags:

Crazy world of climate finance [image credit: renewableenergyfocus.com]

Crazy world of climate finance [image credit: renewableenergyfocus.com]


Welcome to the world of funny money as ‘climate pledges’ are converted into imaginary dollars. PEI reports on the latest fantasy numbers as the Paris climate conference aka COP21 approaches.

The International Energy Agency (IEA) has today released a special briefing document that outlines the energy sector implications of national decarbonisation pledges submitted for the upcoming December climate summit in Paris, known as COP21.

The briefing finds that if all countries meet the goals outlined in their submitted pledges, growth in energy-related emissions – which account for two-thirds of total greenhouse gas emissions – will “slow to a relative crawl by 2030”.   


And it calculates that the full implementation of these pledges will require the energy sector to invest $13.5 trillion in energy efficiency and low-carbon technologies between now and 2030, at an annual average of $840 billion. The report states that “actions in the energy sector can make or break efforts to achieve the world’s agreed climate goal”.

More than 150 countries have submitted pledges, accounting for around 90 per cent of global economic activity and almost 90 per cent of global energy-related greenhouse gas emissions today. By world region, all of the countries in North America have submitted pledges, almost all in Europe, around 90 per cent in Africa, two-thirds in developing Asia, 60 per cent in Latin America and one-third in the Middle East.

These countries currently account for around 90 per cent of global fossil fuel demand and almost 80 per cent of global fossil fuel production.

The form of the pledges varies, including concrete emissions targets, deviation from ‘business-as-usual’ emissions trajectories, emissions intensity targets, reductions or limitations in per-capita emissions, or statements regarding policies and measures to be implemented.

Full report: COP21 pledges will need $13.5 trillion energy sector investment says IEA – Power Engineering International

Comments
  1. oldbrew says:

    Tim Cullen: The Five Ayes

    http://malagabay.wordpress.com/2015/10/21/the-five-ayes/

    ‘Science Tells a Story of Natural Climate Change’

    ‘no matter how much money you spend on trying to reduce carbon dioxide emissions, you cannot mitigate something, DAGW [dangerous anthropogenic global warming], that doesn’t exist except in the output of computer models’ – Professor RM Carter

    http://news.heartland.org/newspaper-article/2015/10/20/science-tells-story-natural-climate-change

  2. Fanakapan says:

    Or in other words, an injection of cash to privately owned utilities so that they may be able to replace generation infrastructure whilst still stripping out the asset base they inherited from the public sector, and gouging the customer base to pay board salaries that bear no relation to the ‘Actual’ performance of the company🙂

  3. J Martin says:

    2030. By which time Cop 36 will have arrived where they will be discussing how to increase co2 emissions to counter the cooling spell and the glaciation alarmism which they will proudly claim their models had predicted all along because some countries had failed to heed their warnings about reducing co2 in 2015

    The never ending gravy train that the co2 high priests will continue to milk while there are gullible politicians in power.

  4. E.M.Smith says:

    It isn’t a $13.5 Trillion investment. An investment has an expected positive ROI, this is just an expenditure with negative returns.

  5. They’re not investments unless they have a reasonable chance of returning a profit or contributing to a profit.

  6. Mervyn says:

    Next they’ll be saying money grows on trees!

    Have people lost all sense of proportion and common sense? To destroy the world’s global energy system to replace it with a $13.5 trillion dollar renewable energy system just because of those seriously flawed computer climate models that cannot predict future temperature let alone future climate, it makes absolutely no sense at all?

    This is the greatest scientific fraud ever perpetrated on mankind.

  7. Chris Savage says:

    Interesting…

    The IEA assessment is an update and now includes INDC commitments covering nearly 90% of global emissions, compared with 34% at the time of its report earlier this year (INDCs as at May 2015).

    So you’d think the update would report a reduction in projected CO2 emissions and temperatures. Certainly the tone of the updated report gives that impression.

    Not so. Contrary to the hype, the IEA is now saying that emissions will be higher in 2030 – 41.9Gt as opposed to 40.6Gt in the earlier report – and the temperature increase by 2100 is now 2.7 degrees Celsius as against 2.6 degrees.

    The earlier report estimated that the impact of INDCs would be to delay achievement of the climate target by just eight months by 2040. The 2040 date is not in fact relevant as INDCs only run up to 2030 and the IEA does not assume any ramp up after then. So the eight months is in fact the permanent impact.

    So, according to the IEA, we will be spending $13.5 trillion to delay climate change by just eight months (or slightly less on the updated assessment). Wow.

  8. oldbrew says:

    The climate farce rumbles on.

    ‘Talks on climate deal heat up over bill for global warming’
    http://uk.news.yahoo.com/talks-un-climate-deal-heat-over-bill-fix-143557799–finance.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s