World Energy Transitions Outlook Report

Table of Contents☰

Key highlights of the report:

The global energy transition is still “off-track” and falls short of the 1.5 degrees Celsius pathway.
To keep 1.5°C alive, deployment levels must grow from some 3,000 gigawatts (GW) at present to over 10,000 GW in 2030, an average of 1,000 GW annually”.
Public sector intervention is required to channel investments towards countries more equitably.
Global investment in energy transition technologies reached a new record of $1.3 trillion in 2022, yearly investments must more than quadruple to over $5 trillion to stay on the 1.5 degrees Celsius pathway.
By 2030, cumulative investments must amount to USD 44 trillion, with transition technologies representing 80 per cent of the total, or $35 trillion, “prioritising efficiency, electrification, grid expansion and flexibility”.
Current pledges and plans fall well short of IRENA’s 1.5°C pathway and will result in an emissions gap of 16 gigatonnes (Gt) in 2050.

The International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future.
It was officially founded in Bonn, Germany, on 26 January 2009.
Its head quarter is in Abu Dhabi United Arab Emirates.
Its membership comprises 167 countries and the European Union.
In 2009, India has become the 77th Founding Member of this organization.
It is an official United Nations observer.

It is released by the World Economic Forum which evaluates the country’s energy system’s performance based on the 3 dimensions: environmental sustainability, economic development growth, and energy security access indicators
Source: Global energy transition has made progress but falls short of 1.5°C pathway: Report