Posted on: 16/04/2019
Electricity could account for more than half the world’s energy mix by 2050, according to the International Renewable Energy Agency (IRENA).
The agency’s latest report, Global Energy Transformation: A Roadmap to 2050, highlighted how the world’s power supply would double by the middle of the century, with renewable sources such as solar and wind generating the bulk of output.
IRENA calculated that a combination of renewable energy and expanded electrification can achieve 75% of the energy-related emissions reduction needed under the Paris Agreement.
The report said its accelerated energy transition would also save the global economy up to $160 trillion cumulatively over the next 30 years by avoiding health costs, energy subsidies and climate damages, with every dollar spent on the energy transition delivering a seven-fold return.
Francesco La Camera, IRENA’s new Director-General, said: “The energy transformation is gaining momentum, but it must accelerate even faster."
“Urgent action on the ground at all levels is vital, in particular unlocking the investments needed to further strengthen the momentum of this energy transformation."
“Speed and forward-looking leadership will be critical – the world in 2050 depends on the energy decisions we take today.”