All the advantages of electrification: from economic growth to energy security, the new IRENA report

IRENA published a new report on electrification. The analysis deepens its advantages and tools with the aim of providing National Governments with a set of measures aimed at achieving the recently approved EU target of 42.5% Renewable Energy Directive (RED) by 2030.

Electrification: 42.5% renewable energy by 2030

Using renewable energy to power industries, forms of transport and buildings is an efficient approach to reduce emissions and improve the energy supply security. 

But not only that, electrification makes it possible to reduce dependence on fossil fuels and mitigate the risks of fluctuations in fuel prices.

The recent study conducted by IRENA provides countries with a wide range of solutions like a real toolbox to adapt the national strategies and to reduce the emissions in the final sectors.

Through the implementation of intelligent electrification strategies, countries can concretely accelerate the energy transition. The General Director of IRENA Francesco La Camera, talks about the concrete advantages of adopting electrification in many economic sectors.

In particular, electrification contributes to:

• Accelerate the economic growth;
• Improving the energy security;
• Reduce the growing impacts of climate change.

Kadri Simson, the European Commissioner for Energy, explained that the EU has decided to raise the renewable energy target up to 42.5% by 2030, aiming to increase the use of renewable energy.

Electricity will make up 50% of energy consumption by 2050

Electricity will be the main energy pillar of the future, making up for more than 50% of global energy consumption by 2050. Thanks to a drastic reduction in costs for the generation of electricity from renewable sources, important progress has been made in the electricity sector, with a global share of renewable energy installed reaching 40% in 2022.

In the European Union, about 60% of the electricity production capacity comes from renewable sources. Almost 40% of the total electricity production is renewable. For the first time, wind and solar energy generated almost 22% of the electricity, surpassing gas energy.

According to IRENA, it is crucial for politicians to adopt a systemic approach that combines technological and infrastructure innovations with market design and regulation innovations. But also the planning of concrete actions for the development of renewable energy and consequently of electrification.