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World Energy Transitions Outlook 2022

Context:

The International Renewable Energy Agency(IRENA) has released a report titled “World Energy Transitions Outlook 2022”.

Relevance:

GS III- Indian Economy

Dimensions of the Article:
  1. Key findings of the World Energy Transitions Outlook 2022
  2. What steps should be taken to move towards clean energy? 

Key findings of the World Energy Transitions Outlook 2022

Transition to Clean Energy:

  • The current crisis of high fossil fuel costs, energy security concerns, and the urgency of climate change highlights the urgent need to transition to a clean energy system as quickly as possible.
  • However, the energy transition is far from complete, and anything less than aggressive action in the coming years will significantly reduce, if not completely destroy, our chances of meeting our climate targets.

Benefits of the transition to Clean Energy

  • Around 80% of the world’s population lives in net energy importers. As a result, by diversifying supply alternatives and decoupling economies from huge swings in fossil fuel prices, the transition to renewable energy would make these countries less reliant on energy imports.
  • Investing in the clean energy transition will create 85 million jobs worldwide in renewables and other transition-related technologies between now and 2030, bringing socioeconomic and welfare advantages. These job increases will far outnumber the 12 million jobs lost in the fossil fuel industry.

What steps should be taken to move towards clean energy? 

  • To begin with, renewables will need to scale up dramatically across all sectors, from 14% of total energy today to around 40% in 2030.
  • Second, the G20 and G7 countries’ top energy consumers and carbon polluters must take the lead and implement ambitious domestic and international plans and investments.
  • Third, for a more inclusive and equal world, climate finance, knowledge transfer, and aid from wealthy countries will need to rise.
  • Fourth, electrification of end-use sectors (such as electric automobiles and heat pumps) is considered as a crucial driver of progress in the energy transition.

-Source: Down to Earth

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September 2022
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