Published today (29 March), IRENA’s 2022 edition of the World Energy Transitions Outlook outlines the priority actions that will need to be taken between now and 2030 to keep the goal of limiting the global temperature increase to 1.5C within reach.
COP26 President Alok Sharma stated earlier this month, in a journal for think-tank IPPR, that the goal to “keep 1.5C alive” was not guaranteed in the long-term by the Glasgow Climate Pact alone. He described the Pact as a “fragile win”. His article warned that “achievements will come to nothing” unless “promises made are promises kept”.
According to the report, keeping the world on a 1.5C pathway will require ensuring that renewables account for at least 40% of the global annual energy mix in 2030, up from 14% at present.
Electrification will also need to happen at scale to tackle energy consumption – the Outlook is predicated on the global electric vehicle (EV) stock being 20 times larger in 2030 than it was in 2021. Also detailed is the widespread uptake of electric technologies for domestic heating.
Additionally, the report highlights historic under-investment in energy efficiency. Global energy efficiency investment was $0.3trn in 2021 but will need to reach $1.5trn annually. This finding was to be expected; the International Energy Agency has stated that the rate of progress on energy efficiency will need to at least double from 2021 levels to deliver a net-zero world.
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