The International Renewable Energy Agency (IRENA) has said the world is on the right path towards a green economy, and that the policies, technologies and business models needed to make this possible were all in place.

It also said for projections made on renewables energy contribution to global energy consumption to become real, private sector investments must be scaled up.

“The policies, technologies and business models required to power our green economy are available today,” said IRENA Director-General Adnan Amin during his keynote speech at the opening of this year’s World Green Economy Summit 2016 (WGES).

The World Green Economy Summit is a global platform, held in Dubai, for discussing, fostering, and planning the shift from a fossil fuel powered world to a green economy.

Amin further said: As exemplified by Dubai, with the right incentives in place, markets can accelerate the energy transition underway. International cooperation, as reflected in IRENA’s mandate and work, also plays a positive role by sharing best practices.”

This year’s summit build’s on the two-year old Dubai Declaration, which aims to develop the WGES as a key global green economy platform, showcasing innovative projects, partnerships and technology, and developing innovative green financing mechanisms.

In his speech, Amin emphasised that the world is on the right path towards a green economy, but that under current projections, the share of renewable energy will increase to only 2 per cent by 2030.

Doubling the share of renewables in the global energy mix to 36 per cent by 2030, he said, can provide half of the CO2 emissions reductions required to meet the targets established in the Paris Agreement.

“In order to close the investment gap, private sector driven solutions, both on-grid and off-grid, have to take on an even greater role and drive renewable energy deployment to the next level. This Summit recognises this important challenge through its timely focus on green finance and public-private partnerships,” Amin added.