Investment in renewable energy drops as fossil fuel use rises

Global investment in renewable energy is on the decline, according to the International Energy Agency (IEA). The energy watchdog says there's a significant contradiction between the statements governments make regarding their attitudes to renewables, and the tangible action being taken. Investment fell by seven percent to $318bn last year.

Meanwhile, the share of energy supply investment in fossil fuels rose for the first time since 2014. To meet climate targets, fossil fuel investment needs to drop to 40 percent by 2030 -- instead it rose to 59 percent in 2017.

The drop in renewables investment has largely been attributed to declining interest in wind and hydropower. Solar power hit record levels last year, but it's not been enough to offset spending on oil, gas and electricity. Similarly, $43bn was spent on electric cars and hybrid vehicles last year, accounting for half of global growth in car sales, but this hasn't put any significant dent in oil demand.

Dr Faith Birol, executive director of the IEA, said the figures pointed towards a "worrying trend," and urged governments to create less investment uncertainty for green energy. "I was myself worried to see there is a contradiction between a) the statements the governments make and b) what the world needs today vis-a-vis the investment numbers, where we see a decline."

Source: Guardian



via Engadget RSS Feed https://ift.tt/2NpEXUS
RSS Feed

If New feed item from http://www.engadget.com/rss-full.xml, then send me

IFTTT

Comments

Post a Comment

Popular posts from this blog

Evernote cuts staff as user growth stalls

Image
Note-taking app Evernote has fallen on hard times of late, culminating in its latest spate of job cuts impacting 15 percent of its workforce (54 employees). CEO Chris O' Neil -- an ex-Googler who took the reins in 2015 -- announced the firings at an all-hands meeting earlier today, reports TechCrunch . In a message on the Evernote blog , O' Neill admitted he'd set "incredibly aggressive goals" for the company in 2018. He continued: "Going forward, we are streamlining certain functions, like sales, so we can continue to speed up and scale others, like product development and engineering." The layoffs follow an exec exodus just weeks ago and the company's recent brand refresh (complete with a refined logo and wordmark). But critics are more concerned about its product, especially the free tier, which they claim lacks the perks to...
Read more

The best air conditioner

Image
By Liam McCabe This post was done in partnership with Wirecutter . When readers choose to buy Wirecutter's independently chosen editorial picks, it may earn affiliate commissions that support its work. Read the full article here . After six summers of researching, testing, and recommending window air conditioners, we've learned that quiet and affordable ACs make most people the happiest—and we think the LG LW8016ER will fit the bill in most rooms. This 8,000 Btu unit cools as efficiently and effectively as any model with an equal Btu rating, and runs at a lower volume and deeper pitch than others at this price. Little extra features like a fresh-air vent, two-axis fan blades, and a removable drain plug help set it apart, too. The LG LW8016ER is a top choice for an office or den, and some people will find it quiet enough for a bedroom, too. If our main pic...
Read more

We won't see a 'universal' vape oil cartridge anytime soon

Image
Pre-loaded cartridges of cannabis concentrate are currently among the most popular means of consumption, and for good reason. They're discreet to use and easy to handle, a far cry from the dark days of 2016 when we had to dribble hash oil or load wax into narrow-mouthed vape pens by hand. But, frustratingly, an ever increasing number of oil cartridge manufacturers employ one-off design standards so that their products won't work with those of their competitors, thereby locking customers into proprietary ecosystems. We've already seen this with nicotine vaporizers -- which has a seen a massive rise in "pod systems" in the last few years, each outfitted with a unique canister and battery built to be incompatible with those of their competition. Is it too late for the burgeoning cannabis industry to set a universal standard for their product designs? ...
Read more