Five trillion dollars of investment is needed worldwide by 2020 in renewable power, energy efficiency and cleaner transportation to contain rising global temperatures, the International Energy Agency said.

Green_Dollar_SignsFive trillion dollars of investment is needed worldwide by 2020 in renewable power, energy efficiency and cleaner transportation to contain rising global temperatures, the International Energy Agency said.

After fuel savings of $4 trillion are taken into account, the net investment required by 2020 is about $1 trillion to ensure the temperature gains since industrialization don’t exceed 2 degrees Celsius (3.6 Fahrenheit), IEA Deputy Executive Director Richard Jones told energy ministers from 23 nations in London.

While renewable energy is on track to deliver its share of the savings, Jones said industries are falling behind in efforts to build projects employing nuclear power, carbon capture and storage, biofuels, efficiency measures and technology that cuts emissions from coal plants.

Jones was addressing the third meeting of the so-called Clean Energy Ministerial group, hosted by U.K. Energy Secretary Ed Davey and U.S. Energy Secretary Steven Chu. Ministers from 23 economies accounting for 80 percent of greenhouse gas emissions and 90 percent of global clean energy investment are attending to help devise policies that cut carbon emissions.

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Source: Alex Morales | Bloomberg Businessweek