In response to the threat of climate change, countries around the world have pledged to invest in low-carbon energy. National plans and investment patterns, however, show a stark mismatch with the pathway to meet the commitments set out in the Paris Agreement, which would keep the rise in global temperatures well below 2 degrees (oC) and ideally hold the line at 1.5oC.
At least USD 95 trillion worth of energy investments are planned worldwide until mid-century. But those plans and related investments are not always channelled toward climate proof systems.
This report from the International Renewable Energy Agency (IRENA) explores two broad future paths: Current Plans (meaning the course set by current and planned policies); and the path for a clean, climate-resilient Energy Transformation.
IRENA’s analysis shows that planned fossil-fuel investments must be substantially redirected, with annual investments in renewables more than doubled for the coming decade. A comprehensive energy transformation can create a better energy system – one capable of ensuring that average global temperatures at the end of the century are no more than 1.5°C above pre-industrial levels. But to make this happen, the pace and depth of investments in renewables must be accelerated without delay, the report urges.
Among other findings:
See also the digital story, “Holding the line on rising global temperatures”.