Renewables will form the backbone of action to combat climate change, according to the latest report from the UN Intergovernmental Panel on Climate Change (IPCC).
The 2018 report, published today, shows that clean power, particularly wind and solar, will form the cornerstone of climate mitigation on all pathways to keep global temperature rise to no more than 1.5 degrees Celsius above pre-industrial levels.
Estimates for investment needs for solar alone are put at between $0.9 trillion and $1 trillion a year depending on mitigation strategies and policy choices.
The study reveals diverse research in addition to IPCC modelled pathways, but underlines the common trend of both renewables investment and the electrification of energy, which will also require more wind and solar to meet heating and transport needs.
Investments for networks and storage therefore also need to scale up to between $0.3 trillion and $1.3 trillion a year.
Solar Trade Associate chief executive Chris Hewett said: “The IPCC report today amplifies already very widespread calls for the UK government to get behind low-cost solar and wind.
“The message couldn’t be clearer; time is running out. Our industry stands ready to roll out solutions which are extremely popular with the public, and no longer require subsidy, but government has put too many barriers in the way.
“Let’s be clear, a smart, flexible, renewables pathway is now the cheapest pathway. All we need to deliver that is fair tax treatment, fair market access and level playing fields. We’ve been repeating this message for years – action is now needed.”
RenewableUK executive director Emma Pinchbeck said: “This report warns that the dangerous effects of climate change will hit us sooner than most people had thought, unless we take much faster, much deeper action to limit potentially devastating global temperature rises by slashing carbon emissions to net zero by 2050.
“The report also calls for annual investment of around $2.4 trillion in the global energy system between 2016 and 2035. This is a great economic opportunity for our country and for consumers.
“The success of renewable energy in the UK is the result of political leadership to encourage investment in technologies such as offshore wind, in which we lead the world. But we can’t rest on our laurels.
“As well as generating more clean electricity using cheap technologies like onshore wind, and fully commercialising our innovative wave and tidal industries, we need to see much greater progress on decarbonising the heat and transport sectors.”