Post: Shift to clean energy is unstoppable, IEA says

Shift to clean energy is unstoppable, IEA says

The global rise of clean energy technologies such as solar, wind, electric cars and heat pumps is reshaping how we power everything from factories and vehicles to home appliances and heating systems, the IEA has said.

In its latest World Energy Outlook, published on 24 October, the IEA said the world is on an “unstoppable” shift towards renewable energy but the phase down of fossil fuels is not happening quickly enough. The IEA projected that renewables would constitute half of the world’s electricity supply by 2030. However, the report raises concern that greenhouse gas emissions remain excessive, endangering the target of limiting temperature increases to 1.5°C. To align with climate goals, the report emphasises the need to reduce investments in fossil fuels.

According to the analysis, some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present. Fossil fuel prices are down from their 2022 peaks, but markets are tense and volatile. But it said the emergence of a new clean energy economy, led by solar PV and electric vehicles (EVs), provides hope for the way forward.

The report proposes a global strategy for getting the world on track by 2030 that consists of five key pillars, which it said would also provide the basis for a successful COP28 climate change conference:

• tripling global renewable capacity
• doubling the rate of energy efficiency improvements
• slashing methane emissions from fossil fuel operations by 75%
• innovative, large-scale financing mechanisms to triple clean energy investments in emerging and developing economies
• measures to ensure an orderly decline in the use of fossil fuels, including an end to new approvals of unabated coal-fired power plants

IEA Executive Director Fatih Birol said:

“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us.

“Governments, companies and investors need to get behind clean energy transitions rather than hindering them. There are immense benefits on offer, including new industrial opportunities and jobs, greater energy security, cleaner air, universal energy access and a safer climate for everyone. Taking into account the ongoing strains and volatility in traditional energy markets today, claims that oil and gas represent safe or secure choices for the world’s energy and climate future look weaker than ever.”