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Energy transition is far from being on track (TABLE)

Oil&Gas Materials 30 March 2022 14:08 (UTC +04:00)
Energy transition is far from being on track (TABLE)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, March 30. Despite some progress, the energy transition is far from being on track, and radical action is needed to change its current trajectory, Trend reports with reference to the World Energy Transition Outlook published by the International Renewable Energy Agency (IRENA).

“Achieving the 2050 climate target depends on sufficient action by 2030, with the coming eight years being critical for accelerating the renewables-based transition. Any near-term shortfall in action will further reduce the chance of staying on path for the 1.5°C climate goal. Accelerated action is a no-regrets strategy and, when carefully implemented, allows the realisation of the benefits of a just and inclusive energy transition,” said the agency.

IRENA’s 1.5°C pathway positions electrification and efficiency as key drivers of the energy transition, enabled by renewables, hydrogen, and sustainable biomass. This pathway, which requires a massive change in how societies produce and consume energy, would result in a cut of nearly 37 gigatonnes of annual CO2 emissions by 2050. These reductions can be achieved through 1) significant increases in generation and direct uses of renewables-based electricity; 2) substantial improvements in energy efficiency; 3) the electrification of end-use sectors (e.g. electric vehicles and heat pumps); 4) clean hydrogen and its derivatives; 5) bioenergy coupled with carbon capture and storage; and 6) last-mile use of carbon capture and storage.

The table below shows the progress in fulfillment of some clean energy goals:

Indicators

Recent years

2050

Share of renewables in electricity generation

26%

90%

Addition of renewable energy technologies

264 GW/yr

836 GW/yr

Annual solar PV additions

126 GW/yr

444 GW/yr

Annual wind energy additions

115 GW/yr

248 GW/yr

Investment needs for RE generation

0.3 USD trillion/yr

1 USD trillion/yr

Share of renewables in final energy consumption

16%

79%

Solar thermal collector area

25 million m2 /yr

165 million m2 /yr

Modern bioenergy consumption

18 EJ

58 EJ

Geothermal consumption

0.9 EJ

4 EJ

District heat generation - buildings

0.4 EJ

7.3 EJ

Energy intensity improvement rate

1.2%/yr

2.9%/yr

Investment needs for energy efficiency

0.3 USD trillion/yr

1.5 USD trillion/yr

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