World Energy Transitions Outlook 2022: Energy transition holds key to tackle global energy and climate crisis: IRENA

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What is the News?

The International Renewable Energy Agency(IRENA) has released a report titled “World Energy Transitions Outlook 2022”.

What are the key findings of the World Energy Transitions Outlook 2022?

Transition to Clean Energy: Current Crisis of high fossil fuel prices, energy security concerns and the urgency of climate change underscores the pressing need to move faster to a clean energy system.

However, energy transition is far from being on track and anything short of radical action in the coming years will diminish even eliminate chances to meet our climate goals.

What steps should be taken to move towards clean energy? 

Firstly, Renewables will have to scale up massively across all sectors, from 14% of total energy today to around 40% in 2030.

Secondly, the world’s largest energy consumers and carbon emitters from the G20 and G7 countries must show leadership and implement ambitious plans and investments domestically and abroad.

Thirdly, Climate finance, knowledge transfer and assistance from developed countries will have to increase for an inclusive and equal world.

Fourthly, electrification of end-use sectors (e.g. electric vehicles and heat pumps) is seen as a key driver of energy transition progress.

What are the benefits of the transition to Clean Energy?

Long-term energy security, price stability and national resilience: Some 80% of the global population lives in countries that are net energy importers. Hence, the shift to clean energy would make these countries less dependent on energy imports through diversified supply options and help decouple economies from wide swings in the prices of fossil fuels. 

Generate Jobs: Investing in the clean energy transition will bring socio-economic and welfare benefits, adding 85 million jobs worldwide in renewables and other transition-related technologies between today and 2030. These job gains will largely surpass the losses of 12 million jobs in fossil fuel industries. 

Source: This post is based on an article “Energy transition holds key to tackle global energy and climate crisis: IRENA” published in Down To Earth on 30th March 2022.

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