Recently, the International Renewable Energy Agency (IRENA) released the World Energy Transitions Outlook report.
GS III: Indian economy
Dimensions of the Article:
- Key highlights of the report
- About International Renewable Energy Agency (IRENA)
Key highlights of the report:
- The global energy transition is not on track to meet the 1.5 degrees Celsius pathway.
- To keep the 1.5°C target alive, deployment levels need to increase from 3,000 GW currently to over 10,000 GW in 2030, which requires an average of 1,000 GW of deployment annually.
- Public sector intervention is necessary to ensure investments are distributed more equitably across countries.
- Global investments in energy transition technologies reached a record high of $1.3 trillion in 2022, but annual investments must more than quadruple to over $5 trillion to stay on the 1.5°C pathway.
- By 2030, cumulative investments must amount to $44 trillion, with transition technologies representing 80% of the total, or $35 trillion, with a focus on efficiency, electrification, grid expansion, and flexibility.
- Current pledges and plans fall short of the report’s 1.5°C pathway and will result in an emissions gap of 16 gigatonnes (Gt) by 2050.
About International Renewable Energy Agency (IRENA)
- Introduction to IRENA: IRENA is an intergovernmental organization that assists countries in their transition towards a sustainable energy future.
- Establishment and Headquarters: IRENA was established on January 26, 2009, in Bonn, Germany. Its headquarters are located in Abu Dhabi, United Arab Emirates.
- Membership: IRENA has a membership of 167 countries and the European Union, working together to promote the use of renewable energy worldwide.
- India’s Membership: India joined IRENA in 2009 as the 77th Founding Member of the organization.
- UN Observer Status: IRENA is an official United Nations observer, which allows it to participate in UN General Assembly meetings, as well as the United Nations Framework Convention on Climate Change.
-Source: Indian Express