Full Title: World Energy Transitions Outlook: 1.5°C Pathway
Author(s): International Renewable Energy Agency (IRENA)
Publisher(s): International Renewable Energy Agency (IRENA)
Publication Date: June 30, 2021
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The World Energy Transitions Outlook outlines a pathway for the world to achieve the Paris Agreement goals and halt the pace of climate change by transforming the global energy landscape. This report presents options to limit global temperature rise to 1.5°C and bring CO2 emissions to net zero by 2050, offering high-level insights on technology choices, investment needs, policy framework and the socio-economic impacts of achieving a sustainable, resilient and inclusive energy future.
The report sees renewables-based energy systems instigating profound changes that will reverberate across economies and societies. Sharp adjustments in capital flows and a reorientation of investments are necessary to align energy with a positive economic and environmental trajectory. Forward-looking policies can accelerate transition, mitigate uncertainties, and ensure maximum benefits of energy transition. The annual investment of USD 4.4 trillion needed on average is high. But it is feasible and equals to around 5 per cent of global GDP in 2019.