Newsroom Team - City of London Newsroom
The International Renewable Energy Agency (IRENA) has published its Global Renewable Outlook outlining the path to creating a sustainable future energy system. The flagship report highlights climate-safe investment options until the year 2050.
The analysis from IRENA builds on their earlier Global Energy Transformation report and outlines the investments and technologies needed to decarbonise the energy system in line with the Paris Agreement. It also explores deeper decarbonisation options for the hardest sectors, aiming to eventually cut carbon dioxide (CO2)emissions to zero.
Key Findings
• The Outlook’s energy transformation would cut 70% of the world’s energy-related carbon dioxide (CO2) emissions by 2050. Over 90% of this reduction would be achieved through renewables and energy efficiency measures.
• A new perspective on deeper decarbonisation shows a path towards zero emissions. Building on five technology pillars, particularly green hydrogen and extended end-use electrification, could help replace fossil-fuels and slash emissions in heavy industry and hard-to-decarbonise sectors.
• While a pathway to deeper decarbonisation requires total energy investment of up to USD 130 trillion, the socio-economic gains of such an investment would be massive. Transforming the energy system indicates higher GDP growth, achieving 2.4% more by mid-century than current plans would achieve.
• Low-carbon investment would significantly pay off, with savings eight times more than costs when accounting for reduced health and environmental externalities.
Raising regional and country-level ambitions will be crucial to meet interlinked energy and climate objectives. The report presents findings on the specific transition prospects for 10 regions around the world. Comprehensive policies could tackle energy and climate goals alongside socio-economic challenges, fostering the transformative decarbonisation of societies.
Click here to read or download the full report
About IRENA
The International Renewable Energy Agency (IRENA) is an intergovernmental organisation
that supports countries in their transition to a sustainable energy future, and serves
as the principal platform for international cooperation, a centre of excellence, and
a repository of policy, technology, resource and financial knowledge on renewable
energy. IRENA promotes the widespread adoption and sustainable use of all forms of
renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind
energy in the pursuit of sustainable development, energy access, energy security and
low-carbon economic growth and prosperity. More/ ...https://www.irena.org/aboutirena
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