Scaling-up renewable energy combined with electrification could deliver more than 75% of the energy-related emission reductions needed to meet global climate goals, asserts new analysis by the International Renewable Energy Agency (IRENA).
According to the latest edition of IRENA’s ‘Global Energy Transformation: A Roadmap to 2050’, electricity would cover half of the global final energy mix, while global power supply would more than double over this period, with the bulk of it generated from renewable energy, mostly solar and wind.
“Renewable energy is the most effective and readily-available solution for reversing the trend of rising carbon dioxide emissions,” said IRENA director-general Francesco La Camera.
“A combination of renewable energy with a deeper electrification can achieve 75% of the energy-related emission reduction needed.”
According to IRENA, an “accelerated energy transition in line with the Roadmap 2050 would also save the global economy up to $160 (trillion) cumulatively over the next 30 years in avoided health costs, energy subsidies and climate damages”.
Every dollar spent on energy transition would pay off up to seven times, the study claims.
“By mid-century, the global economy would be larger, and jobs created in the energy sector would boost global employment by 0.2%,” said La Camera.
He added: “Policies to promote a just, fair and inclusive transition could maximise the benefits for different countries, regions and communities.
“This would also accelerate the achievement of affordable and universal energy access. The global energy transformation goes beyond a transformation of the energy sector. It is a transformation of our economies and societies.”
The report also warns that emissions would need to decline by 70% below their current level by 2050 to meet global climate goals.
This calls for a significant increase in national ambition and more aggressive renewable energy and climate targets, according to the agency.
IRENA’s roadmap recommends that national policy should focus on zero-carbon long-term strategies, and highlights sector coupling, particularly heating, cooling and transport,
La Camera said: “The UN’s 2030 Sustainable Development Agenda and the review of national climate pledges under the Paris Agreement are milestones for raising the level of ambition.
“Speed and forward-looking leadership will be critical – the world in 2050 depends on the energy decisions we take today.”