Innovation Paves Way for Next Stage of Global Energy Transformation

18 February 2019 | Press Releases

Innovative solutions accelerate low-cost renewables in the power sector, providing countries with tools to benefit from renewables scale-up, new IRENA report finds.

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  • Carbon taxes and phasing-out of fossil fuels are needed to reap the energy transitions full benefits
  • The global energy transformation could boost the global economy 2.5% in 2050
  • Electricity will be the world's central energy carrier in 2050
  • A climate-friendly future is cheaper because of falling renewable energy costs
  • The energy transformation needs a USD 110 trillion investment by 2050
  • Subsidies in the energy sector can be reduced by USD 110 trillion by 2050
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