World Energy Transitions Outlook report - 2023

Tags: Reports

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.