Recently published preview of IRENA’s World Energy Transitions Outlook presents an outline of the global strategies towards carbon-neutrality and leads way to a climate-safe 1.5°C pathway by 2050.
It is projected that over 70% of all
decarbonization solutions will involve renewable energy through the direct
supply of low-cost power, efficiency, renewable-powered electrification in
end-use. Carbon capture and removal technologies in combination with bioenergy
will deliver the ‘remaining reductions towards a net-zero energy system.
The suggested pathway also assumes a decline in fossil fuel use by more than 75% over the same time, with oil and coal consumption decreasing fastest.
Required energy transition investment will have to
increase by 30% over planned investment to a total of USD 131 trillion between
now and 2050, corresponding to USD 4.4 trillion on average every year.
