Oct 24, 2023
‘Renewables to supply half of global power by 2030’
IEA’s latest World Energy Outlook says ‘much stronger’ policies needed to achieve the 1.5°C target
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The IEA’s latest World Energy Outlook forecasts renewables will supply almost half of the global power mix by 2030, but urges much stronger policies are needed to achieve the 1.5°C target.
The latest edition of the World Energy Outlook (WEO) describes an energy system in 2030 in which clean technologies play a significantly greater role than today.
This includes almost 10 times as many electric cars on the road worldwide, solar PV generating more electricity than the entire US power system does today, renewables’ share of the global electricity mix nearing 50%, up from around 30% today, heat pumps and other electric heating systems outselling fossil fuel boilers globally and three times as much investment going into new offshore wind projects than into new coal- and gas-fired power plants.
All of those increases are based only on the current policy settings of governments around the world.
If countries deliver on their national energy and climate pledges on time and in full, clean energy progress would move even faster.
However, even stronger measures would still be needed to keep alive the goal of limiting global warming to 1.5 °C.
“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us,” said IEA Executive Director Fatih Birol.
“Governments, companies and investors need to get behind clean energy transitions rather than hindering them.
The WEO-2023 proposes a global strategy for getting the world on track by 2030 that consists of five key pillars, which can also provide the basis for a successful COP28 climate change conference.
These comprise tripling global renewable capacity, doubling the rate of energy efficiency improvements, slashing methane emissions from fossil fuel operations by 75%, innovative, large-scale financing mechanisms to triple clean energy investments in emerging and developing economies; and measures to ensure an orderly decline in the use of fossil fuels, including an end to new approvals of unabated coal-fired power plants.
Birol added: “Every country needs to find its own pathway, but international cooperation is crucial for accelerating clean energy transitions.
“In particular, the speed at which emissions decline will hinge in large part on our ability to finance sustainable solutions to meet rising energy demand from the world’s fast-growing economies.
“This all points to the vital importance of redoubling collaboration and cooperation, not retreating from them.”
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Oct 20, 2023
What is the MENA’s Green Transition: is it about Unlocking Economic Opportunities to Drive Climate Action or is it per the recent World Economic Forum report “Closing the Climate Action Gap by Accelerating Decarbonization and the Energy Transition in MENA.” Let us see MODERN DIPLOMACY NewsWeek‘s.
The above-featured image is for illustration and is of www.hartenergy.com
MENA’s Green Transition: Unlocking Economic Opportunities to Drive Climate Action
The livelihoods of over half a billion people in the Middle East and North Africa (MENA) are under threat, as current projections indicate a 4C increase by 2050. A new World Economic Forum report, Closing the Climate Action Gap: Accelerating Decarbonization and the Energy Transition in MENA, highlights the key sustainability challenges in the region and provides a blueprint for bold decarbonization actions that could fuel new economic opportunities.
The report’s findings indicate how local leaders could simultaneously counter these projections while fostering greater economic diversification and high-quality jobs. This would spur on the regional momentum for holistic climate action, as illustrated by the back-to-back hosting of COP27 in Egypt and COP28 in the UAE, and position MENA as a global leader in sustainable technologiesfor years.
The report was developed in collaboration with Bain & Company, with contributions from more than 40 policy-makers, climate actors, business leaders, banks and industry experts from the private and public sectors who form the Forum’s Leaders for Sustainable MENA .
‘’The MENA region has been one of the fastest growing regions over the past decade and there is a pathway for the region to position itself at the forefront of sustainability efforts while maintaining its upward economic trajectory,” said Børge Brende, President, World Economic Forum. “As global markets continue to shift, and energy demands rise, the region requires bold and coordinated action from policy-makers and businesses to lead a just energy transition and meet both climate- and development-related goals.”
According to the report research, temperatures in the region are rising at twice the global average rate, presenting an array of challenges in the coming decades that could threaten the livelihoods of the 575 million people who live there, 70% of them in low-income countries. Climate shocks, such as rising temperatures and prolonged droughts, could have serious effects on agriculture and liveability, as well as a compound effect on MENA’s systemic issues.
The report finds that MENA countries trail behind comparable regions in terms of their sustainability progress. While local governments have pledged in the past 24 months to bring 60% of MENA’s emissions under the net zero ambition, businesses overall have yet to follow suit and bridge the gap with comparable global markets –12% have set up a net zero target and 6% have established a roadmap to reach net zero.
“Successfully transitioning to a sustainable future will hinge on bold measures from policymakers and companies, raising awareness and multi-stakeholder partnerships”, said Tom De Waele, Managing Partner of Bain & Company Middle East. “But while this sustainability action for Middle East requires significant investment of time and resources, it also represents a significant economic opportunity, which could well position the MENA region at the heart of global energy transition and unlock doors to economic diversification, high-quality job creation, and global leadership in low-carbon technologies.”
With abundant natural resources like solar and wind energy, and significant land availability, the region could become a global leader in scaling new energy pathways, such as renewables and clean hydrogen. Coupled with capital availability and decisive governance in the largest economies, these characteristics could facilitate MENA’s transition to a decarbonized economy while helping it meet the growing international demand for clean energy.
“Today, we find ourselves at a clean-energy tipping point and the good news is that there has never been so much momentum, so much convergence in market demand, technology, regulation and public sentiment.” said Henadi Al-Saleh, Chairperson, Agility. “As a result, climate-related activity by companies and investors has already shifted from risk mitigation to opportunity capture. The MENA region has abundant resources, talent, ambition – and renewable resources in the form solar and wind – to lead the way and make significant contributions to the global decarbonisation drive.”
The report offers a tailored roadmap for regional policy-makers and businesses to advance sustainability action and facilitate economic diversification through the energy transition, considering the characteristics and needs of both the Gulf and non-Gulf countries alike.
To safeguard economic growth and global energy influence, Gulf nations should focus on technology-based solutions that reduce emissions in challenging sectors, optimize consumption, transition to renewables and implement carbon capture at scale. Meanwhile, non-Gulf countries should prioritize affordable energy, particularly in low-income areas, by increasing renewable energy usage, phasing out regressive fossil fuel subsidies and supporting carbon credit projects.
Upskilling in green jobs through skill development programmes and industry partnerships will be crucial across the region.
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