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Global investors must mobilise $660bn for clean energy

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In international news, United Nations (UN) secretary-general Ban Ki-moon on Wednesday advised a gathering of more than 500 global investors to mobilise $660 billion of clean energy investments by 2020.

The gathering held at the UN headquarters in  New York was aimed at kickstarting funds needed to help the world shift to clean energy, UN News Centre reported.

“Markets now have the clear signal they need to unleash the full force of human ingenuity and scale up investments that can generate low-emissions resilient growth,” he stated.

Ban Ki-moon added: “The world now counts on you to act at the speed and scale needed to transform the global economy. To keep the rise of global temperatures below 2 degrees, and even 1.5 degrees, we must begin the shift away from fossil fuels immediately. We need a massive scaling up of investments in clean energy and energy efficiency.”

Clean trillion needed

The gathering was organised by a consortium including the non-profit organisation Ceres, the UN Foundation and the UN Office for Partnerships in a bid to accelerate a global shift towards increasing cleaner energy and reaching targets pledged during the 2015 climate change conference.

The targets are to cut net greenhouse gas emissions to zero and avoid the harmful climate warming.

The secretary-general applauded last year’s clean energy investments, however he stressed that there is a lot that needs to be done in order to raise more funds, laying out five steps for the investor action.

“In 2015, clean energy investments stood at around $330 billion, more than six times higher than in 2004. This is a good down-payment, but far less than the “clean trillion” needed annually throughout the coming decades to keep temperature rise to acceptable levels and limit the risks from climate change,” he said.

To read the full article from ESI Africa, please click here