According to the report ‘World Energy Transitions Outlook: 1.5° C Pathway’ released by International Renewable Energy Agency (IRENA), the COVID-19 Crisis is an opportunity for countries across the world to disengage their economies from Fossil Fuels & accelerate their shift to renewable energy sources.
- Energy transitions are one of the few solutions for containing the rise of global temperature to 1.5° C & halting global warming & bring Carbon dioxide (CO2) emissions closer to net zero by mid-century
- It calls for countries around the world to increase their efforts toward the energy transition without delay.
- The report was previewed at the virtual Berlin Energy Transition Dialogue (BETD 2021) which took place from March 16, 2021-March 17, 2021.
- The report is just a preview. The full version of the report will be released soon and it will act as a blueprint for the energy transition.
90% energy from Renewables by 2050
The report states that by 2050, 90% of total electricity needs will be supplied by renewables, followed by 6% from natural gas & remaining from nuclear.
Increased Energy Investments
- The report estimates that Energy transition investment will have to increase by 30% over planned investment to a total of USD 131 Trillion between 2021 & 2050, corresponding to USD 4.4 Trillion on average every year.
i.According to the report, in order to meet CO2 reduction targets by 2050, countries will need a combination of technology & innovation for advancing energy transition & improving carbon management.
ii.National social & economic policies will play a major role in increasing the speed of energy transition.
iii. IRENA has identified 30 innovations for the integration of wind & Solar PV in power systems. It also focuses on the expansion of emerging technologies like green hydrogen.
IPCC Special Report on Global Warming
The Intergovernmental Panel on Climate Change (IPCC) Special Report on Global Warming of 1.5° C released in 2018 states that a 45% reduction in global greenhouse gas emissions from 2010 levels is required by 2030.
Recent Related News:
i.On May 13, 2020 According to the WEF’s global Energy Transition Index(ETI) 2020, India has moved up two places from rank 76th (2019) to 74th with a score of 51.5%, Sweden (74.2%) topped for the 3rd consecutive time followed by Switzerland (73.4%) and Finland (72.4%).
About the International Renewable Energy Agency (IRENA)
Director General – Francesco La Camera
Headquarters – Abu Dhabi, UAE
Members – 163