World Energy Transitions Outlook Report

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Context:

Recently, the International Renewable Energy Agency (IRENA) released the World Energy Transitions Outlook report.

Relevance:

GS III: Indian economy

Dimensions of the Article:

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.

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