Efforts on clean energy and sustainable solutions are not delivering the levels of investment and deployment required to meet international climate goals, according to global energy bodies.
The 2023 Breakthrough Agenda Report, which is a joint product of the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions, urges governments to strengthen collaboration in key areas – such as standards and regulation, financial and technical assistance and market creation – to turbocharge the transition.
The document is the second annual report, which provides an assessment of progress against the recommendations made last year, updating recommendations for what more needs to be done.
According to the study, deployment of renewables in the power sector has increased to 83% of new electricity generating capacity – although the rate of annual deployment still needs to treble by 2030.
There have been high-profile announcements of technical and financial assistance for developing countries, but there remains a need for this to be expanded, particularly to reduce the cost of capital in developing countries, and to support the transition in the most coal-dependent regions, highlighted the study.
IEA and IRENA advised collaboration on research and innovation projects should be strengthened by sharing learning with a wider set of countries.
An important unexploited opportunity is for countries to agree higher minimum energy performance standards for electrical appliances to shift global markets towards more efficient products that reduce costs and cut emissions.
The 2023 Breakthrough Agenda Report Renewable found that low-carbon hydrogen production remained below 1Mt/yr in 2022, compared with the 70Mt/yr-125Mt/yr needed by 2030.
There has been some progress towards convergence on standards and certification for emissions and safety, and in increasing financial and technical assistance for developing countries.
The report stated: “A pressing need is to strengthen the collective demand signal for renewable and low carbon hydrogen, from both public and private buyers, moving from commitments and pledges to contracts and policies.
“The opportunity to create large-scale demand quickly is greatest in sectors where hydrogen is already used, such as fertilisers and refining.”