Significant action and acceleration is needed to boost capacity growth in renewables and decarbonise the energy system to meet the Paris Agreement goal of keeping global heating within 1.5°C, according to a new Bureau Veritas report.
The testing, inspection and certification business’ Accelerating the Energy Transition report brings together insights and opinions from over 800 global market experts and industry leaders from across the energy sector.
It explores the major barriers to accelerating the energy transition, and unveils insights on the constraints the industry faces, along with practical solutions to remove them. In doing so, it aims to set a roadmap for change.
It found that government policy has the potential to have the biggest overall impact in accelerating the energy transition, while fast-tracking further development or new or existing technology is expected to have the second biggest overall impact on the required acceleration.
Furthermore, some 90% of respondents say geographical concentration of supply chains for key components and raw materials are a top challenge.
In addition, 90 million people are expected to employed in the energy sector by 2030; a 38% increase on today.
Joerg Gmeinbauer, global vice-president Power & Renewables at Bureau Veritas, said: “We are undeniably facing one of the biggest crises we have ever needed to overcome, and fighting climate change needs to be the number one priority for our society.
“The energy industry and the energy transition sits in the eye of this storm.
“Whilst tremendous progress has been made, the face still isn’t fast enough – and enormous acceleration is needed; not by 2040, or 2050, but now.
“Removing the barriers is a key focus for the transition to meet its full potential.
“Accelerating the energy transition explores what those short-term barriers are, and how we can remove them to keep moving forward and stay within 1.5°C.
“The overarching message of the report is simple – only urgent action will secure a liveable future for all.”