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Will green hydrogen and sustainable bioenergy be key to the energy transition?
IRENA: green hydrogen and sustainable bioenergy for the energy transition
The preview of the World Energy Transitions Outlook has just been released and the document highlights the key points of the latest analysis made by IRENA, the international renewable energy agency promoting cooperation and policies, technology, resources and financing for the transformation of the world’s energy system.
The document outlines the route to take in order to limit the increase of the global temperature to 1.5°C and bring CO2 emissions close to zero by 2050. It proposes priority actions at an economic level, provides high-quality in-depth information on the topic of technological innovation, and highlights current societal and financial needs for a sustainable energy future.
To reach the climate goals established in the Paris Agreement, nations across the world have to commit to accelerating their path to the rapid decrease of emissions in order to achieve the energy transition as fast as possible.
The key to a change in direction in the energy sector lies in technology and innovation development, proactive policies that support job creation, and improvements at the socio-economic level, mobilising international cooperation for the management of decarbonisation-related issues.
Renewables, electrification and energy efficiency: these are the pillars for the energy transition according to IRENA’s analysis which, from the technologies already available today, identifies green hydrogen and sustainable bioenergy as the two key factors to reach a stable climate.
The document emphasises that keeping the temperature increase within the limit of 1.5°C requires fully decarbonised energy systems, promotion of renewable solutions, and increased use of electricity in buildings, industries and transport.
From the economic side, financial markets and investors are directing capital away from fossil fuel sectors in favour of other more sustainable technologies. According to IRENA, global investment for the energy transition must increase by 30% compared to the current planned investment. That amounts to a total of $131 trillion from now to 2050, or about $4.4 trillion a year.
“What is at stake is the ability to avoid further irreversible warming with profound economic and humanitarian consequences. The most important variable to measure our efforts is time. The coming nine years will clarify whether we can achieve the speed and scale of deployment necessary for a 45% emission reduction. The highest levels of ambition and effort are required to change course. It will not be easy, but we have no choice. While the path is daunting, several favourable elements can make it achievable”, says Francesco La Camera, Director of IRENA.
The energy transition is already under way and it cannot – nor should it – be stopped. The credit also goes to farsighted policies that have allowed significant progress in making renewable technologies more economically viable in several nations around the world. Even the response to the Covid-19 crisis brought unexpected advantages, giving an added push to the move to a greener economy in the form of carefully planned incentive packages and recovery measures towards energy transition.
IRENA will make the complete World Energy Transitions Outlook: 1.5° C Pathway report available soon, providing a global vision and accompanying political measures for the transition. In the meantime, we include the preview for a more detailed look.
The document outlines the route to take in order to limit the increase of the global temperature to 1.5°C and bring CO2 emissions close to zero by 2050. It proposes priority actions at an economic level, provides high-quality in-depth information on the topic of technological innovation, and highlights current societal and financial needs for a sustainable energy future.
To reach the climate goals established in the Paris Agreement, nations across the world have to commit to accelerating their path to the rapid decrease of emissions in order to achieve the energy transition as fast as possible.
The key to a change in direction in the energy sector lies in technology and innovation development, proactive policies that support job creation, and improvements at the socio-economic level, mobilising international cooperation for the management of decarbonisation-related issues.
Renewables, electrification and energy efficiency: these are the pillars for the energy transition according to IRENA’s analysis which, from the technologies already available today, identifies green hydrogen and sustainable bioenergy as the two key factors to reach a stable climate.
The document emphasises that keeping the temperature increase within the limit of 1.5°C requires fully decarbonised energy systems, promotion of renewable solutions, and increased use of electricity in buildings, industries and transport.
From the economic side, financial markets and investors are directing capital away from fossil fuel sectors in favour of other more sustainable technologies. According to IRENA, global investment for the energy transition must increase by 30% compared to the current planned investment. That amounts to a total of $131 trillion from now to 2050, or about $4.4 trillion a year.
“What is at stake is the ability to avoid further irreversible warming with profound economic and humanitarian consequences. The most important variable to measure our efforts is time. The coming nine years will clarify whether we can achieve the speed and scale of deployment necessary for a 45% emission reduction. The highest levels of ambition and effort are required to change course. It will not be easy, but we have no choice. While the path is daunting, several favourable elements can make it achievable”, says Francesco La Camera, Director of IRENA.
The energy transition is already under way and it cannot – nor should it – be stopped. The credit also goes to farsighted policies that have allowed significant progress in making renewable technologies more economically viable in several nations around the world. Even the response to the Covid-19 crisis brought unexpected advantages, giving an added push to the move to a greener economy in the form of carefully planned incentive packages and recovery measures towards energy transition.
IRENA will make the complete World Energy Transitions Outlook: 1.5° C Pathway report available soon, providing a global vision and accompanying political measures for the transition. In the meantime, we include the preview for a more detailed look.
