New York, 20 September 2022 (TDI): The Secretary-General of the United Nations (UN), Antonio Guterres has underscored the need for a justifiable & equitable energy transition away from the global dependency on the fossil fuels.

Along these lines, he stated that “without Renewables there can be no future”.  The need to “stop our global addiction to fossil fuels” has become evident as a result of climate disasters and increasing fuel prices.

In this regard, the significance of making investments in renewable energy, enhancing resilience, and scaling up adaptation is important.

According to the UN Secretary-General, renewable energy sources are the only plausible path for true energy security, stable electricity prices, and long-term employment possibilities.

Additionally, he insisted that the proportion of renewable energy sources in total electricity output must rise from the current level that is under 30% to over 60% in 2030 and 90% in 2050.

Five Point Energy Plan

UN Secretary-General, Antonio Guterres outlined the Five Point Energy Plan for shifting to renewables. The plan has begun by treating the technologies as freely available “global public goods”.

He further said that “Identifying patents that can be made freely available, especially those relating to battery and storage capacity are crucial for a rapid and fair energy transition”.

Also Read: ECLAC Conference on Climate Finance & Energy Transition

In this context, he highlighted the need to diversify, secure, and raise supply chains for renewable energy technologies.

Also, he underlined that the supply chains for components and raw materials have still been concentrated in a few countries around the world. Apart from these, the third plan of action was the balance of the amounts of field renewables.

The Secretary-General continued, “We have the technology, capacity, and funds but we urgently need to put policies and frameworks in place to incentivize investments and eliminate bottlenecks caused by red tape, permits, and grid connections”.

“Shift subsidies from fossil fuels to renewable energy was his fourth point, as he noted that each year, governments spend around half a trillion dollars to artificially lower the price of fossil fuels more than triple what renewables receive,” he added.

The Secretary-General argued that “If we channel these resources and subsidies to renewables, we not only cut emissions; we also create more decent and green jobs”.

Antonio Guterres also stressed the significance of increasing public and private investments in renewable energy sources to at least $4 trillion annually.

He stated that “Upfront costs for solar and wind power account for 80 percent of lifetime costs meaning big investments today will reap even bigger rewards tomorrow”.

However, as per him, to do this, financing must reach those who need it most; risk regimes must be changed; there must be more flexibility to scale up renewable finance, and the cost of borrowing for developing nations must be reduced.

Likewise, he urged that “The cost of capital for renewable energy projects in the developing world can be seven times higher than in the developed world”.