Francesco La Camera, Director-General of the International Renewable Energy Agency (Irena), said that renewable energy sources have become the dominant force in the global energy system, stressing that this transformation is irreversible.

In statements to the Emirates News Agency (WAM), La Camera noted that investments linked to energy transition activities have reached a new record high of around $2.4 trillion, including approximately $800 billion allocated to production capacity alone. This, he said, reflects the accelerating pace of investment in renewable energy and other energy sources.

He emphasised the need to increase annual investments to more than $5 trillion to align the global trajectory with the goals of the Paris Agreement, pointing out that while the overall direction and progress are positive, significantly greater efforts are required in the coming phase.

La Camera explained that despite the world making solid progress along this path, it remains far from achieving the necessary speed and scale to meet the Paris climate targets.

He added that work is ongoing within the framework of commitments agreed upon in Dubai during COP28, where the UAE played a leading role.

He further stated that the UAE, despite being a producer of fossil fuels, has demonstrated both its ability and willingness to transition its energy system and expand renewable energy projects, hosting the world’s largest solar power plants.

La Camera also highlighted that Masdar invests in more than 45 countries worldwide, underscoring the UAE’s pivotal role as one of the leading nations driving the global energy transition.