French President Francois Hollande called for more investment in clean energy projects this week.

At the opening of the World Future Energy Summit in Abu Dhabi, United Arab Emirates, Hollande warned about the consequences of not pumping enough money into renewable energy production. He predicted that failure to spend on developing renewable energy will increase demand for fossil energy -- hiking up prices -- and increase the risks of global warming.

Around $257 billion was spent on renewable energy projects around the world in 2011, summit organizers said. This year, according to estimates, more than $300 billion in investments will be needed. Hollande, citing current economic crises, said all countries need to contribute.

"Responsibility lies on all, but not in equal shares. ... Developed nations' contributions must be much higher," said Argentine President Cristina Kirchner, adding that Latin America and the Caribbean are responsible for only 5 percent of harmful emissions.

On Monday, the Abu Dhabi-based International Renewable Energy Agency launched a plan to double clean energy production by 2030 -- raising the share of clean renewable energy sources to 30 percent of the global energy mix (Omar Hasan, Agence France-Presse, Jan. 16). -- IP