The IEA has urged G20 nations to speed up their implementation of low carbon technology to bring forward the global clean energy transition.
The International Energy Agency (IEA) and Business Group 20 has urged G20 nations to speed up their deployment of low carbon technology in an attempt to initiate the transition to a clean energy network.
G20 represent the twenty largest economies in the world and are expected to set the standard in regard to clean energy deployment.
Business community group, B20 and the IEA released a joint statement aimed at these nations which disclosed numerous policy options which could stimulate investment in clean energy and encourage a green recovery across the globe.
These policies focus on encouraging development and innovation of energy sources such as hydrogen & carbon capture, utilisation and storage, in addition to the deployment of existing low carbon technology.
The statement also touched upon increased energy market stability though improved energy data transparency between nations and better risk evaluation.
The IEA and B20 called for governments to provide access to affordable clean power to secure energy systems. This could be done through the implementation of energy pricing and tax reforms to create revenue streams.
Yousef Al-Benyan, Chair of B20, said: “The Covid-19 pandemic with historically low energy prices is a unique opportunity for governments to enact policies that steer their clean energy transitions at a low financial, political and social cost.”
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