The transition to renewable energy and away from fossil fuels is the growth story of the century, and those opting out face stagnation and higher prices while other economies surge ahead, the UN’s climate chief told the opening session of COP30.
“The economics of this transition are as indisputable as the costs of inaction,” said Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (pictured), as the gathering formally opened on Monday morning in Belém, Brazil.
“Solar and wind are now the lowest-cost power in 90% of the world. Renewables overtook coal this year as the world’s top energy source. Investments in clean energy and infrastructure will hit another record high this year, with investments in renewables outstripping fossil fuels two to one.”
Individual nations’ commitments are not cutting emissions fast enough, but it is in every country’s self-interest to act, he said. Not acting while climate disasters decimate millions of lives will never be forgotten or forgiven, he added.
“Not one single nation among you can afford this as climate disasters rip double digits off GDP,” he said. “Every gigawatt of clean power cuts pollution and creates more jobs.
“We have already agreed we will transition away from fossil fuels. Now’s the time to focus on how we do it fairly and orderly, focusing on which deals to strike to accelerate the tripling of renewables, and doubling energy efficiency.”