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Browsing: Renewable energy tops in FDI
- In 2020, the capital investment in the renewable energy sector was at US$8.72 billion, outshining oil and gas for the first time
- Despite the damage caused to the climate, gas and oil are at the core of the energy sector, which is concerning
- The United Arab Emirates (UAE) topped in the Middle East, attracting foreign direct investment (FDI) in renewable energy close to US$2.4 billion in 2020
One of the conclusions of the 26th United Nations Climate Change Conference, which was held in Glasgow, Scotland, is that the climate change effect caused by fossil fuels on the earth might be irreversible by 2030.
The COP 26 conference emphasized the cutting down subsidies granted for coal and fossil fuels to low- and middle-income countries. However, there is no amicable consensus arrived on the above emphasis.
It appears that global financial firms are reluctant to curtail the direct and indirect financing of …