The push for clean and renewable energy just got a massive boost, with $400 billion promised by a group of governments and private sector players. This pledge came during a high-level summit that called for action on climate change during the UN General Assembly in New York, US.
As part of the agreement, hundreds of millions of people will access renewable energy, especially in developing countries. Energy efficiency will also see improvement.
About 35 countries took part in the new renewable energy pact. Global companies including TotalEnergies, Schneider Electric, and Google also committed.
Germany pledged to raise the share of its total electricity consumption to 65 percent by 2030. The European nation also committed to supporting partner countries to develop technologies like green hydrogen. A €7 billion fund will support it.
During the summit, UN Secretary-General Antonio Guterres tasked world leaders to cut the number of people with no access to electricity by half by 2025, from a total of 760 million. He mentioned four methods to achieve a sustainable energy future; reduce the number of people without access to electricity by half by 2025, accelerate the shift to clean energy sources, make energy accessible to all by 2030, and carry everybody along in the effort to reduce carbon dioxide.
Separately, China and the US made their environmental pledges. The Asian economic powerhouse promised to end financing coal power plants in overseas countries. At the same time, the US committed to doubling its climate assistance to developing countries.
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