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Beyond MWs: The Wider Dimensions of the Energy Transition

The technologies for a global energy transformation exist today. Amid the ongoing pandemic, renewables have shown great resilience. Renewables now are the first-choice option for expanding, upgrading and modernising power systems around the world, and are playing a fundamental role in the world’s ongoing energy transformation. Countries are increasingly committing to net-zero targets where renewables are certain to play a dominant role.

The ongoing energy transition, however, cannot be considered in isolation, separate from the socio-economic system in which it is deployed. The 2021 edition of World Energy Transition Outlook: 1.5 degree pathway emphasises that reaching the net zero target will not only reduce carbon emissions, it will improve lives, create jobs, achieve development goals, and ensure a cleaner and more prosperous future. IRENA’s Leveraging Local Capacity series shows how renewables can create jobs with diverse occupations and skills along the value chain. Understanding the socio-economic impacts of the energy transition is essential to optimise the outcome and reap benefits. If well understood and planned, structural socio-economic changes will improve the outcome of the transition and further accelerate the transition.

This session discussed a set of holistic measures that can inform energy system planning, economic policy making and other policies necessary to maximise the benefits and ensure a just and inclusive energy transition at global, regional and national levels. The session also presented IRENA’s findings on the topic, including an updated analysis on social welfare.

The event took place on Wednesday, 07 July at 15:30 CEST (Vienna time) / 17:30 GST (Abu Dhabi time).

The detailed concept note is available here.