Renewable energy will be key to the economic transformation of BRICS — Brazil, Russia, India, China and South Africa — economies, says Achim Steiner.
The United Nations Environment Programme (UNEP) executive director avers renewable energy is becoming an inevitable part of the energy infrastructure around the world, particularly in developing countries.
“China is investing in renewable energy. They have reduced the price of renewable energy technologies. India has also announced plans for 10,000 megawatts of renewable energy,” Steiner told Chinese news agency Xinhua.
He added that China will set an example for other developing countries to embrace sustainable development at a lower cost.
A report compiled by UNEP, which is headquartered in Nairobi, has shown that countries around the world have made remarkable investments in renewable energy.
Developing countries invested $131.3 billion in green energy in 2014, with China in the lead, reports suggest.
The ‘green energy initiatives’ of the countries are helping them avoid pollution associated with industrial growth trying to keep pace with consumer demand.
Steiner said UNEP was focused on the future of the global economy and how it could avoid worsening the risks caused by faster industrial development.
While conceding that there were challenges, such as 700 million people in Africa not having electricity connections, Steiner said: “UNEP is talking about opportunities for the use of science to solve emerging challenges. We know that global demand for energy will affect the global energy markets.”
The environment ministers of BRICS nations are meeting in Moscow from April 22 to discuss sustainable economic development of the bloc, which comprises the fastest growing economies of the day.
Steiner hopes the ministerial meeting would focus on bringing effective policies to ensure economic development of BRICS and the alleviation of poverty.
“UNEP considers BRICS as the key to innovation,” he said.
The BRICS meeting is expected to take discussions on the establishment of China-backed Asian Infrastructure Investment Bank to the next level.
Such a bank would provide the first ever reliable means to finance initiatives to address sustainable financing for economic growth.
“We need more green finance and the Asian Bank plans to mobilize finance from China. We hope this will provide the funding to fight climate change,” Steiner has told Xinhua.
Ajith Kumar S