World Leaders Call for Massive Investment in Renewable Energy

World leaders emphasized the necessity of increased investment in renewable energy to combat climate change. Kenyan President William Ruto and Barbados Prime Minister Mia Mottley highlighted the financial challenges faced by developing nations. U.S. President Joe Biden touted his climate legislation's success, while experts discussed the role of AI in clean energy innovations.

World leaders have urged for significant investment in renewable energy as a countermeasure against climate change, with developing nations stressing the need for financial support. At the Global Renewables Summit, Kenyan President William Ruto emphasized Africa's potential in renewable energy, pointing out that the continent receives less than half of global investment despite offering substantial solar opportunities.

Barbados Prime Minister Mia Mottley highlighted the dominance of fossil fuel subsidies over renewable energy subsidies, making the transition costlier for smaller states. Recent reports by the International Energy Agency show that tripling global renewable capacity this decade is achievable but requires stringent regulation and investment in transmission and storage.

Meanwhile, a coalition called Mission 2025 recommended policies to unlock $1 trillion in clean energy investments by 2030. U.S. President Joe Biden celebrated his climate law for stimulating innovation and job creation. Experts, including AES Corporation's CEO, discussed the dual role of AI in both posing challenges and offering solutions for renewable energy development.

(With inputs from agencies.)