The chief executive of Orsted Henrik Poulsen has called on heads of state and government at the UN General Assembly in New York City to set clear, ambitious targets, fast track the buildout of renewables, and accelerate the phase out of coal.
Poulsen was invited by UN Secretary-General Antonio Guterres to speak at the Climate Action 2019 Summit.
“The renewable energy technologies that we need to fundamentally transform the energy system and radically reduce emissions are at our disposal and they’re cost-efficient,” said Poulsen.
“The significant cost reductions in offshore wind demonstrate how governments setting clear and ambitious targets provide investment visibility for the private sector, which again drives innovation, cost reductions, and large-scale deployment,” he added.
In established markets, the build-out of offshore wind has led to costs dropping by more than 60% since 2014, making it now cheaper to build offshore wind farms than coal- or gas-fired power plants.
“When governments around the world assembled in this room set ambitious targets and enact clear policies, the private sector can and will further accelerate the build-out of green energy,” Poulsen said.
He advised action is “urgently needed” to speed up the retirement of old coal-fired power plants and to put an end to the construction of new coal-fired capacity.
He said business as usual is not going to be enough.
“We can’t tell our grandchildren that we failed to protect the planet because we were too focused on protecting our own wellbeing. We must act now.”