According to the International Renewable Energy Agency, investment in renewable energy sources must be more than doubled in order to be expected to make the energy thus obtained cheaper. Moreover, renewables are supposed to provide more than 60 percent of energy consumption by mid-century.
According to Gauri Singh, deputy director of the International Renewable Energy Agency (IRENA), global investment in the energy transition towards renewables will have to increase by $4 trillion a year by 2050. This is from the current less than two trillion to achieve the climate targets set out in the 2015 Paris Agreement.
It is the Paris Climate Agreement, under which measures are to be taken to prevent the global average temperature from rising by more than 1.5 degrees by the end of the century, that foresees an increase in the share of renewables in energy consumption to 63 percent. By the middle of the century.
Photovoltaics and wind farms are to become the dominant renewable source. About six percent of energy consumption is to be covered by nuclear power, and the rest of electricity is still to be produced from fossil sources by the middle of this century, the agency predicts. As the share of renewables grows, the relative price of energy thus obtained should also decrease.