Delivering net-zero energy is achievable but is “perhaps the greatest challenge humankind has ever faced”, the International Energy Agency (IEA) has said.
The Net-zero by 2050: A Roadmap for the Global Energy System report, published on 18 May, provides the world’s first comprehensive roadmap for transitioning to a net-zero energy system by 2050, complete with more than 400 milestones that set out how governments and businesses could navigate the rapid transformation of the global economy.
In the near term, the report describes a net-zero pathway that requires the immediate and massive deployment of all available clean and efficient energy technologies, combined with a major global push to accelerate innovation. The IEA calls for annual additions of solar PV generation to reach 630GW by 2030, and those of wind power to reach 390GW. A major worldwide push to increase energy efficiency is also an essential part of these efforts, resulting in the global improvements averaging 4% a year through 2030.
The roadmap also says no new fossil fuel cars should be sold after 2035, with electric vehicles (EVs) making up around 60% of sales by the end of the current decade. The number of public charging points would also need to rise from 1M today to 40M by 2030, and annual battery production for EVs would grow to 600GWh, up from 160GWh today.
Michael Phelan, Chief Executive and Co-founder at GridBeyond said:
“The window to get to net-zero emissions by 2050 is narrow but achievable. As levels of cleaner energy on the system continue to increase, already volatile global energy markets will grow further in both speed and complexity.
“To support this, we need better price signals that are more reflective of the short-term market conditions and AI-powered robotic trading to balance the grid. Ultimately governments and regulators must ensure that energy markets place an appropriate value on flexibility as a key enabler to a net-zero energy transition.”
GridBeyond’s advanced trading platform provides direct access to the markets. By using robotic trading, AI and machine learning algorithms, consumers are able to purchase their power at its cheapest in the intra-day and day-ahead markets, whilst monetising their flexible demand and excess generation and better managing the financial risks.
If you have any questions about the potential for smart trading on your site, contact our friendly team, or to learn more about the complimenting services offered by GridBeyond’s intelligent energy platform, download the energy services brochure.
The IEA’s report is designed to inform the high-level negotiations that will take place at the 26th Conference of the Parties (COP26) of the United Nations Climate Change Framework Convention in Glasgow in November. It was requested as input to the negotiations by the UK government’s COP26 Presidency.