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World Energy Transitions Outlook Report

Context:

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

Relevance:

GS III: Indian economy

Dimensions of the Article:

  1. Key highlights of the report
  2. 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


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