Financing plays a crucial role in combating climate change, executive director of the International Energy Agency, Fatih Birol, said at the ministerial dialogue on "Scaling Investments to Triple Renewable Energy and Double Energy Efficiency" taking place in Baku as part of the 29th session of the UN Framework Convention on Climate Change Conference (COP29), Report informs.
He noted that the disappointing results concern energy efficiency: "Last year, we agreed to increase the annual growth rate of global energy efficiency from 2% to 4%. However, looking at this year's figures, global energy efficiency growth is only 1%, which is half of what it was a decade ago."
Birol added that doubling energy efficiency this year also does not seem possible.