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World Energy Transitions Outlook Report

World Energy Transitions Outlook Report:

The International Renewable Energy Agency (IRENA) released the World Energy Transitions Outlook report.

Highlights of the report:

  • The global energy transition is still “off-track” and falls short of the 1.5 degrees Celsius pathway.
  • To keep 1.5°C alive, deployment levels must grow from some 3,000 gigawatts (GW) at present to over 10,000 GW in 2030, an average of 1,000 GW annually”.
  • Public sector intervention is required to channel investments towards countries more equitably.
  • Global investment in energy transition technologies reached a new record of $1.3 trillion in 2022, yearly investments must more than quadruple to over $5 trillion to stay on the 1.5 degrees Celsius pathway.
  • By 2030, cumulative investments must amount to USD 44 trillion, with transition technologies representing 80 per cent of the total, or $35 trillion, “prioritising efficiency, electrification, grid expansion and flexibility”.
  • Current pledges and plans fall well short of IRENA’s 1.5°C pathway and will result in an emissions gap of 16 gigatonnes (Gt) in 2050.

International Renewable Energy Agency (IRENA):

  • The International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future.
  • It was officially founded in Bonn, Germany, on 26 January 2009.