New funding from governments for fossil fuel exploration or production is simply “delusional” warned the UN chief speaking at the Sixth Austrian World Summit, reiterating that renewable energy is “the peace plan of the 21st century.”
As global energy markets remain volatile and the price of oil high due to instability and conflict in the Middle East, more countries are looking at investing in renewables to shield their economies from the shocks caused by fossil fuel reliance, rein in import bills – and meet key climate action targets.
The ongoing insecurity in the Middle East, where a large proportion of the world’s oil and gas is extracted, is forcing many countries to focus on how they can ensure access to cheap and reliable energy supplies primarily through the use of renewable power sources.
More than 53 nations gathered in Santa Marta, Colombia for the first International Conference on Transitioning Away from Fossil Fuels. With renewable energy now outcompeting fossil fuels on price in many markets, attendees and UN officials alike declared the global transition to clean energy not just an environmental goal, but an urgent security and economic imperative.