The world’s clean energy transition is ‘too slow,’ according to the International Energy Agency.
The worldwide transition to clean energy is still far too slow to meet climate commitments, according to the International Energy Agency, which warned on Wednesday that it risks fueling even more price instability.
“We are not spending enough to satisfy future energy needs, and the uncertainties are laying the stage for a tumultuous period ahead,” said Fatih Birol, the chairman of the International Energy Agency.
“The social and economic benefits of hastening clean energy transitions are enormous, as are the costs of inaction.”
The International Energy Agency (IEA) predicted in its annual World Energy Outlook report, released only weeks before the COP26 meeting in Glasgow, that investment in clean energy projects and infrastructure would have to more than triple over the next decade if those goals were to be realized.
Countries will be pressed during the summit to commit to taking decisive action to keep global warming below 1.5 degrees Celsius over pre-industrial levels, as promised in the landmark 2015 Paris climate pact.
Even as economies were bending under the weight of Covid-19 lockdowns, renewables such as wind and solar energy continued to grow fast, and electric vehicles broke new sales records in 2020, according to the International Energy Agency (IEA), which advises industrialized countries on energy policy.
However, “this clean energy growth is still far too slow to put global emissions in sustained decline towards net zero” by 2050, according to the agency, which will help limit global warming to 1.5 degrees Celsius.
The agency looked into two scenarios.
The first looked at the policies that governments had either implemented or were in the process of adopting.
While low-emissions sources may meet almost all of the increasing energy demand until 2050, annual emissions would remain around the same as they are now as developing economies create statewide infrastructure, according to the IEA.
Temperatures in 2100 would be 2.6 degrees Celsius higher than pre-industrial levels under this scenario.
In the second scenario, certain countries promised to reach net-zero emissions in the future, resulting in a doubling of clean energy investment and funding over the next decade.
According to the IEA, if these pledges are completely executed on time, demand for fossil fuels will peak in 2025, and worldwide CO2 emissions will reduce by 40% by 2050.
It estimated that the global average temperature increase in 2100 would be roughly 2.1 degrees Celsius, which would be an improvement but still much above the 1.5 degrees Celsius agreed upon in the Paris Agreement.
“Investing in clean energy is necessary to get there.” The Washington Newsday Brief News is a daily newspaper published in Washington, D.C.