USD 35 Trillion Investment Requires for Successful Energy Transition by 2030, says IRENA
Introduced by IRENA’s Director-General Francesco La Camera at the Berlin Energy Transition Dialogue (BETD) today, the World Energy Transitions Outlook 2023 Preview calls for a fundamental course correction in the energy transition.
March 28, 2023. By News Bureau
A successful energy transition demands bold, transformative measures reflecting the urgency of the present situation. Investment and comprehensive policies across the globe and all sectors must grow renewables and instigate the structural changes required for the predominantly renewables-based energy transition.
The Preview shows that the scale and extent of change falls far short of the 1.5°C pathway. Progress has been made, notably in the power sector where renewables account for 40 percent of installed power generation globally, contributing to an unprecedented 83 per cent of global power additions in 2022.
But to keep 1.5°C alive, deployment levels must grow from some 3,000 gigawatt (GW) today to over 10,000 GW in 2030, an average of 1,000 GW annually.
Deployment is also limited to certain parts of the world. China, the European Union and the United States accounted for two-thirds of all additions last year, leaving developing nations further behind.
IRENA’s Director-General Francesco La Camera said, “The stakes could not be higher. A profound and systemic transformation of the global energy system must occur in under 30 years, underscoring the need for a new approach to accelerate the energy transition. Pursuing fossil fuel and sectoral mitigation measures is necessary but insufficient to shift to an energy system fit for the dominance of renewables.”
“The emphasis must shift from supply to demand, towards overcoming the structural obstacles impeding progress. IRENA’s Preview outlines three priority pillars of the energy transition; the physical infrastructure, policy and regulatory enablers and well-skilled workforce, requiring significant investment and new ways of co-operation in which all actors can engage in the transition and play an optimal role:, he added.
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