Global Energy Meet- Time Up For Renewable Energy

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The World Energy Transitions Outlook report, brought out by the International Renewable Energy Agency (IRENA) says the  COVID-19 crisis offers an unexpected opportunity for countries across the world to decouple their economies from fossil fuels and accelerate the shift to renewable energy sources

Previewed at the virtual Berlin Energy Transition Dialogue (BETD 2021), the report proposes energy transition solutions for the narrow pathway available to contain the rise of temperature to 1.5°C and halt global warming.

The document highlights the need for countries around the world to accelerate their efforts toward the energy transition without delay.

IRENA observes the emergence of a new energy system based on renewable technologies and complemented by green hydrogen and modern bioenergy.

 It estimates that by 2050, 90% of total electricity needs would be supplied by renewables, followed by 6% from natural gas and the remaining from nuclear. The agency has identified 30 innovations for the integration of wind and solar PV in power systems. It stresses the need to focus on the expansion of emerging technologies such as green hydrogen.

The document notes that investors and financial markets are anticipating the energy transition and already allocating capital away from fossil fuels and towards energy transition technologies, such as renewables.

Source : The Hindu

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