BAKU, Azerbaijan, June 13. The share of renewables in the total final energy consumption (TFEC) has to reach above 30 percent by 2030 to reach net zero by 2050, Trend reports via the Energy Progress Report from the International Energy Agency (IEA).
“Despite the impact of the COVID-19 pandemic, the outlook for renewables under IEA’s Stated Policies Scenario and IRENA’s Planned Energy Scenario remains positive in all regions helped by supportive policies and falling technology costs,” the report said.
According to the forecast from the IEA, renewables’ share, including traditional uses of biomass, is expected to increase from 17.7 percent of TFEC in 2019 to 22 percent in 2030, while the share of modern renewables is projected to grow from 11.5 percent in 2019 to 17 percent in 2030.
“The projected increases in the use of renewable energy that are likely to occur under stated policies fall short of what is required to achieve global goals for climate protection and sustainable development,” the IEA noted.
The IEA’s Net Zero Emissions by 2050 Scenario envisages the use of renewable energy to grow twice as fast as under state policies.
“Under this more ambitious scenario, modern renewables would reach just under 32 percent of TFEC in 2030,” the report said.
Meanwhile, under the IEA’s 2050 Scenario, the investments in renewables-based power is expected to double to over $600 billion per year, backed by extra spending on expanding and modernizing electricity networks and battery storage, and enhancing the operational flexibility of existing assets to better integrate renewables.
---
Follow the author on Twitter: @mariiiakhm