Private sector investors committed to “accelerate clean energy innovation and expand investment in climate solutions,” with business leaders from 23 countries and representing 90 per cent of clean energy investment agreeing to ramp up their role in the ongoing energy transition at the seventh annual Clean Energy Ministerial. The Obama administration along with 20 international partners also committed to double funding for clean energy research and development from $15 billion to $30 billion annually by 2021. The development is the latest prominent example of the Paris Effect, as companies like Wells Fargo, universities like Stanford, and firms like Mercer Investment Consulting to name a few of the group – which collectively represents 75 per cent of global carbon emissions – moving to not only do their part to help meet global climate coals, but also to protect their financial futures. Business leaders have grasped the obvious: energy policy is changing as fast as the renewable industry is booming, and billions of dollars in assets must be shifted away from dirty energy before it is too late, and to the great benefit to human health and investment yields alike.
— We Mean Business (@WMBtweets) June 2, 2016
- Hashtags in use: #CEM7
- Business leaders know it and the Paris Agreement cemented it: fossil fuels are finished. This week, Wells Fargo agreed to invest $10 million in building efficiency startups, Stanford University is working on a research partnership to accelerate the integration of more than 50 percent renewable energy into the electricity grid, and Mercer Investment Consulting will educate their U.S. public pension fund fiduciaries on the potential legal and economic risks associated with high-carbon portfolios. Meanwhile, renewable investment continued to break records, with round 147 gigawatts (GW) added globally in 2015 – mainly from wind and solar.
- Renewables have already won, and the faster they can be tapped, the greater health and economic benefits will be. According to IRENA, the number of people working in the renewables industry grew 5 per cent in 2015. The health benefits of shifting away from dirty, dangerous fossil fuels into cleaner renewables are more apparent than ever and with local governments and citizens leading the clean energy transition, renewable energy is delivering huge benefits directly to local communities.
- 2016 is the final opportunity for President Obama to cement his climate legacy. In the coming year, the Obama administration will be able to craft policies that will last far beyond the end of his term. As the host nation of these meetings, all eyes are on the US – which has already agreed to double funding for clean energy research and development by 2021 – to continue leading in the ongoing energy transition, and there are plenty more choices Obama can make to lay down his climate legacy.
- Global Energy Leaders Look to Nitty Gritty of Climate Accord (AP)
- Obama team pledges new money for clean energy (USA Today)
- World leaders expand clean energy research push (The Hill)
- Bold goals at CEM7: Philips projects 2 billion LEDs sold (GreenBiz)
- Renewable Energy Is Now Inevitable, Energy Secretary Says, Citing Price (Forbes)
- As OPEC seals fragile peace, world ramps up clean energy goals (Climate Home)
Tools & Resources
- Backgrounder: Clean Energy Ministerial 7: Kicking the Clean Energy Revolution into High Gear (Climate Nexus)
- Fact Sheet: U.S. Hosts World’s Energy Ministers to Scale Up Clean Energy and Drive Implementation of the Paris Agreement (White House)
- Blog: How Businesses Continue to Help Lead the Way on Clean Energy, Climate Change (Huffington Post)
- Op-ed: Doubling down on energy innovation (The Hill)
- Op-ed: Global Energy Leaders Gather In California To Drive Clean Energy Development And Deployment (Breaking Energy)
- PR: West coast leaders sign comprehensive agreements at Global Clean Energy Ministerial (BC Gov)
- CEM graphics kit (Climate Nexus)
Related Tree Alerts
- Global renewables boom, but is Europe reaping the benefits?
- Renewable renaissance on the horizon for Canada as it seeks to revamp its economy
- G7 host Japan goes rogue on coal as renewable jobs buck global trend
- Exxon forced into climate resolution by shareholders
- Paris signing ceremony marks milestone in journey towards fossil free future
- RT @G7Climate The Clean Energy Ministerial is kicking the renewable revolution into high gear #CEM7 http://bit.ly/1TzLZrh
- RT @CleanFuelsWork Global EV fleet grew up to 1 million in 2015, 3x more than 2012 #CEM7 http://bit.ly/1TzLZrh
- RT @CANIntl First Clean Energy Ministerial since #ParisAgreement showcases transition to 100% renewables #CEM7