World Energy Transitions Outlook report - 2023
Recently, the International Renewable Energy Agency (IRENA) released the World Energy Transitions Outlook report-2023.
Highlights of the report
The global energy transition is still not on track and well short of the 1.5°C pathway.
To survive 1.5°C, deployment levels must increase from 3,000 gigawatts (GW) at present to more than 10,000 GW in 2030, averaging 1,000 GW annually.
Equally, more investment towards countries requires public sector intervention.
Global investment in energy transformation technologies to reach a new record of $1.3 trillion in 2022.
Annual investments must more than quadruple to more than $5 trillion to stay on the 1.5°C path.
By 2030, cumulative investment should be US$44 trillion, with transition technologies representing 80 percent of total investment, or $35 trillion.
Current pledges and plans fall well short of IRENA's 1.5°C pathway and would result in an emissions gap of 16 gigatonnes (Gt) in 2050.
About International Renewable Energy Agency (IRENA)
It is an intergovernmental organisation.
Founded - in Bonn, Germany on 26 January 2009.
Headquarter - Abu Dhabi, United Arab Emirates.
Member Countries - 167 and the European Union.
India became a Member - In 2009 as 77th Founding Member.
Purpose - To support countries in their transition to a sustainable energy future.
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