BAKU, Azerbaijan, October 24. A substantial shift towards clean energy investment is projected to reshape the energy landscape in Eurasia, with investments more than tripling by 2050, Trend reports with reference to the outlook released by the International Energy Agency (IEA).
This transformation is driven by an urgent need to address energy-related CO2 emissions that reached nearly 2.4 gigatons (Gt) in 2022.
In one scenario, known as STEPS, clean energy investment is expected to more than double from 2022 to 2050. This transition will contribute to a gradual reduction in annual emissions, with the bulk of the decrease occurring before 2030. In a more ambitious scenario, the APS (Alternative Policy Scenario), clean energy investment is set to increase more than threefold, comprising over 60% of total energy investment by 2050. In this scenario, CO2 emissions are projected to drop by almost a third to 1.6 Gt by 2050.
While the reduction of CO2 emissions is a pressing concern, addressing methane emissions from the region's oil and gas infrastructure is equally critical, and this challenge is the focal point of multiple policy initiatives.
As electricity consumption surges, it is anticipated to rise by approximately 45 percent in the STEPS scenario, climbing from around 1,050 terawatt-hours (TWh) to over 1,500 TWh by 2050. In the APS scenario, electrification gains momentum, leading to slightly higher electricity consumption.
The share of low-emission sources in the electricity mix is expected to increase gradually from 34 percent in 2022 to nearly 45 percent by 2050 in the STEPS scenario, and nearly 60 percent in the APS scenario. Notably, the difference between these scenarios stems from the accelerated deployment of wind and solar photovoltaic (PV) technologies in the APS, where these sources are projected to jointly provide around 20 percent of electricity by 2050.
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