Page 5 - AsiaElec Week 16

AsiaElec COMMENTARY AsiaElec
Finally, the Deeper Decarbonisation Per- spective would reduce emissions to zero by as early as 2050 or latest by 2060, consistent with holding the line at 1.5°C.
In detail, the Transforming Energy Scenario calls for energy demand to fall from 599EJ today to 556EJ in 2030 and 538EJ in 2050. Fossil fuel use would need to fall from 485EJ in 2018 to 313EJ in 2030, and 130EJ in 2050.
This would require demand for coal to con- tract by 41% by 2030 and 87% by 2050, for gas to rise by 3% by 2030 and to fall by 41% by 2050, and for oil to fall by 31% by 2030 and 70% by 2050.
Costs
One of the report’s central conclusions is that the Transforming Energy Scenario can pay for itself, and indeed every dollar invested can bring a return of $3-8.
The Transforming Energy Scenario by 2050 requires $110 trillion of investment, of which 80% must be in renewables, energy efficiency, end-use electrification and power grids and flexibility. Only 20% would be in fossil fuels. This equates to $3.2 trillion per year until 2050, which compares with a historical investment of $1.8 trillion per year between 2014 and 2018.
Put simply: investment in energy must be 40% above recent levels in future, and at least
80% of this must not be in fossil fuels. Alongside costs, the report lays great empha- sis on sustainability, forecasting that transform- ing the energy system would nearly quadruple renewable energy jobs worldwide to 42mn and expand employment in energy efficiency to
21mn.
Conclusion
The report puts renewables, energy efficiency and electrification at the heart of the energy tran- sition, which needs investment levels to rise by up to 40%.
However, this can only be done with the sup- port of governments and corporations. Rapid decarbonisation calls for unprecedented policy initiatives and investments, IRENA argues, along with intensified international co-operation.
Meeting the Paris Agreement climate goals, and working towards zero emissions, will depend on the policies adopted, the speed of their implementation and the level of resources committed.
“IRENA’s Outlook shows the ways to build more sustainable, equitable and resilient econ- omies by aligning short-term recovery efforts with the medium-and long-term objectives of the Paris Agreement and the UN Sustainable Development Agenda,” said La Camera.™
Week 16 22•April•2020 w w w . N E W S B A S E . c o m P5