Global energy transition too slow, needs a ‘low emissions revolution’: IEA

What is the News?

The International Energy Agency(IEA) has published its World Energy Outlook 2021 (WEO) report.

What is the purpose of the World Energy Outlook report?

The goal of the report is to assess progress made by countries on their clean energy transitions ahead of the 26th Conference of Parties meeting in Glasgow next month.

What are the Key Findings of the World Energy Outlook report?

The report explores two scenarios to gain insights into how the global energy sector may develop over the next three decades:

Stated Policies Scenario

It represents a path based on the energy and climate measures governments have actually put in place to date, as well as specific policy initiatives that are under development. 

In this scenario, global average temperatures will rise to 2.6 °C above pre-industrial levels by 2100.

Announced Pledges Scenario 

It maps out a path in which the nationally determined contributions and net-zero emissions pledges announced by governments so far are implemented in time and in full. 

In this scenario, global energy-related carbon dioxide emissions will reduce by 40% by 2050. Yet, global temperatures will still rise by 2.1 degrees Celsius above pre-industrial levels in 2100.  

Investment in Clean Energy

To achieve the Paris Agreement’s 1.5-degree goal, investments in clean energy must reach $4 trillion by 2030, 70% of which will focus on developing countries.

Moreover, major energy decarbonisation measures should be on the shoulders of the developed countries. However, developed countries are proceeding with their oil and gas exploration plans, with the United States opening up the Gulf of Mexico for drilling and the UK approving new projects in the North Sea.

World Energy Outlook report on India

The report has praised India as a success story for financing renewable energy towards the achievement of its 450 GW target. 

But coal remains deeply entrenched in the economy, with the auctioning of mines to private investors continuing unabated.

Source: This post is based on the article “Global energy transition too slow, needs a ‘low emissions revolution’: IEA” published in Down To Earth on 13th October 2021.