The 2030 and 2050 sustainable energy targets, according to The United Nations , can be met, but the strategy will necessitate large financial contributions from nations and enterprises. According to the group, present funding levels must triple by the end of the decade, which would require an additional $5 trillion in global spending annually. The U.N. claims that “scaling up the use of blended financing instruments and multilateral portfolio guarantees” will enable this increase in funding. In addition to other recommendations, the organization advocated for a reduction in regulations in an effort to draw in more private investment.
Many of the technologies required to meet sustainable energy targets, according to reports referenced in the United Nations declaration, are already in use. Instead of spending more money on research and development, the majority of the extra money would probably be used to scale up the production and spread of these technologies.
Despite the size of the sum given, the U.N. also believes that the increased expenditure will yield a large dividend. According to the organization, everyone on Earth will have access to “clean, inexpensive energy” within ten years provided financing goals are completed. Smaller numbers are being used, but they could still have a significant impact. According to the paper, $25 billion annually between now and 2030 will enable “clean cooking” for 2.6 billion people, while a $35 billion investment may provide 750 million people with access to power. Three billion people presently lack access to clean stoves and non-toxic fuels, according to the Clean Cooking Alliance . The general environment and public health are also impacted by this lack of access.