Global investments in clean energy this year will amount to $2 trillion – UN

Global investment in clean (carbon-free) energy and its infrastructure will reach two trillion dollars in 2024, almost twice as much as in fossil fuels.

According to Ukrinform, this was stated by the Executive Secretary of the UN Framework Convention on Climate Change Simon Steele during the opening of the UN Conference on Climate Change (COP29) in Baku on Monday.

“Investments in clean energy and infrastructure will reach two trillion dollars in 2024. This is almost twice the amount of fossil fuels.The transition to clean energy and climate sustainability is unstoppable. Our task is to accelerate this process and make sure that all countries and all people can take advantage of it “, he said.

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According to a high-ranking representative of the UN, we should abandon the idea that investments in carbon-free energy are “charity” because “the new ambitious goal of climate finance fully corresponds to the interests of each individual country, including the biggest and richest”. Against this background, Steele pointed out the importance of reforming the global financial system and launching “international carbon markets”.

As reported, on Monday, November 11, the UN climate change conference COP29 will begin its work in the Azerbaijani capital, Baku. This year's summit is called the “financial COP” because for the first time in 15 years, the amount and structure of financing of developing countries to support measures to combat climate change will be considered.

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