The International Renewable Energy Agency (IRENA) has released a Global Renewables Outlook which looks at advancing the renewables-based energy transformation as an opportunity to meet industrial climate goals.
The outlook looks at ways of cutting global carbon dioxide emissions by at least 70% per 2050 through building on five technology pillars of electrification, increased power system flexibility, conventional renewable sources, green hydrogen, and foster innovation to address challenging sectors.
According to the outlook, low-carbon investment would pay off, with savings of eight times more than costs. The report also says that the climate-safe path would require cumulative energy investments of $110 trillion by 2050 but achieve full carbon neutrality would add another $20 trillion.
The outlook also looks at energy and socio-economic transition paths in ten regions worldwide. Despite varied paths, all regions are expected to see higher shares of renewable energy use, with Southeast Asia, Latin America, the European Union and Sub-Saharan Africa poised to reach 70-80% shares in their total energy mixes by 2050.
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