The International Energy Agency (IEA) mentioned Wednesday that funding in renewable power should triple by the top of this decade if the world’s local weather guarantees are to be met.
The IEA, which advises governments on power coverage, launched its annual World Energy Outlook (WEO) report on Wednesday, weeks forward of the UN COP26 summit in Glasgow.
Reports additionally come that electrical energy costs have hit report highs amid the easing of coronavirus restrictions the world over.
The extensively considered annual outlook shapes expectations amongst governments, firms and traders concerning the future makes use of of coal, oil and gasoline.
Critics have lengthy accused the IEA of underestimating the pace at which the world can swap to renewable power, thereby undermining the battle towards local weather change.
But on this 12 months’s WEO report, the IEA urged governments to toughen commitments to chop greenhouse gasoline emissions.
What did the report uncover?
The Paris-based company mentioned renewable power sources, equivalent to photo voltaic, wind, hydropower and bioenergy, must make up a big half within the rebound in power funding following the coronavirus pandemic.
“We are not investing enough to meet future energy needs, and uncertainties are setting the stage for the period ahead,” mentioned IEA chief Fatih Birol.
The IEA mentioned that the demand for renewable power continues to develop. However, “this progress towards clean energy is still too slow to drive global emissions into a sustained decline toward net zero” by 2050, which the IEA believes will restrict the rise in international temperature to 1.5 °C (2.7 °C). levels Fahrenheit) would assist.
The IEA additionally mentioned that the extra funding will not be as tough because it sounds.
“More than 40% of the emissions discount required will come from measures that pay for themselves, equivalent to enhancing effectivity, limiting gasoline leakage, or putting in wind or photo voltaic in locations the place they’re now probably the most aggressive electrical energy era. There are applied sciences,” it mentioned.
two situations
The IEA analyzed two attainable situations.
The first situation seems at measures and insurance policies that governments have already applied. Despite the measures, annual emissions all over the world will nonetheless be the identical as what creating nations construct their infrastructure in, the company mentioned.
In this situation, temperatures within the 12 months 2100 could be 2.6 °C increased than pre-industrial ranges.
The second situation seems at governments’ pledges to realize net-zero emissions, doubtlessly doubling clear power funding over the subsequent decade.
If nations handle to implement these pledges in time, the worldwide common temperature rise will likely be round 2.1 C by the 12 months 2100 – an enchancment, however nonetheless above the 1.5 C agreed below the Paris Agreement, the IEA concluded.
change of tone
Environmental activists and organizations have beforehand accused the IEA of supporting continued funding in fossil fuels.
Mans Nilsson, government director of the environmental group Stockholm Environmental Institute, informed dw That the IEA has steadily moved in the direction of a “more specific tone urging decision makers to mitigate climate change”.
“Traditionally, [the] The IEA has been ‘delicate’ on fossil power and is bearish on renewable power’s potential. His overly pessimistic forecasts of development in set up prices for photo voltaic and wind have been discredited,” he mentioned.
“It has now been fixed,” he mentioned, including that he believes the IEA is “still very positive on oil and gas.”
“In a method, it’s a change to a extra rational and sensible strategy on the power transition. It can also be a shift in the direction of a extra proactive strategy, a development in lots of multilaterals. [organizations]Nilsson mentioned.
COP26. ahead strain
Wednesday’s report indicated strain on governments for extra local weather motion on the COP26 summit.
Environmental group Avaaz mentioned this 12 months’s WEO “is an important milestone in the lead-up to COP26.”
Avaaz mentioned Wednesday’s report means there aren’t any new oil fields within the UK for COP26, no gasoline within the Mediterranean for G20 chair Italy and no coal mining for upcoming G7 chair Germany.
“Many governments have relied on WEO in the past to justify their support for fossil fuels,” mentioned David Tong of the Price of Oil NGO, which advocates for the transition to wash power.
“In COP26, [governments] If they ignore the IEA’s steerage now, their credibility will likely be compromised when it’s lastly in keeping with the 1.5-degree restrict agreed by them in Paris,” he mentioned. dw.
“We should inform our leaders to cease listening to fossil gas CEOs and as a substitute comply with the science. Will they help the web zero and 1.5 diploma commitments with instant motion to cease new oil, gasoline and coal extraction, And increase cash in clear power and effectivity options?
.
With inputs from TheIndianEXPRESS
