In July, the International Renewable Energy Agency (“IRENA”) published the first volume of its report on the proposed energy transition pathway to 2050. The second volume of the report which will consider the socioeconomic impacts of the energy transition, will be published later this year.
Energy transformation
As noted in the report, to mitigate the damaging effects of climate change and compromised energy security, the global energy system will need to be rapidly transformed within the next 30 years. The report identifies physical infrastructure, policy and regulatory frameworks, and skills and capacity development as critical enablers of the transition towards renewable sources of energy that include hydro, solar, wind, bioenergy, geothermal and ocean energy. The 1.5oC Scenario highlighted in the report would require 77% of total primary energy supply to be obtained from renewable sources by 2050. As at 2020, the total supply from renewable sources was 16%. The report significantly notes that the costs of renewable electricity are declining and it is now the most affordable form of power generation in most regions.
Policy considerations
The report highlights the policy and permitting concerns and developments that would be necessary to support the energy transition, including identifying the nature of the proposed energy distribution and the organisational structure, and addressing aspects such as the timeframe and systems for processing licensing applications without compromising environmental and social impact assessments, the possibility of quantified quotas for renewable power, the prevention of asset stranding and the environmental and social challenges with bioenergy. It also emphasises the necessity of including renewable energy in education systems and the development of retraining opportunities for workers in the fossil fuel industry.
The full citation of the report is: IRENA (2023), World Energy Transitions Outlook 2023: 1.5°C Pathway, Volume 1, International Renewable Energy Agency, Abu Dhabi. It can be accessed on the IRENA website here.
Sustainable Capabilities 