Page 5 - AsiaElec Week 11 2021
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AsiaElec COMMENTARY AsiaElec
investment is not green enough. Major econ-
omies have announced economic stimulus Bioenergy combined with carbon removal
packages that will pump $4.6 trillion directly technologies (BECCS) will increasingly be
into carbon-relevant sectors such as agriculture, important for industry to bring “negative emis-
industry, waste, energy and transport, but less sions” in face of a limited carbon budget for
than $1.8 trillion is green. 1.5°C.
Despite the requirement to find 30% more IRENA is calling for governments to play a
green investment in the next 30 years, the report central role in driving the transition to net zero,
described the socio-economic benefits as mas- warning that national social and economic pol-
sive, finding that investing in transition will icies will play fundamental roles in delivering a
create close to three times more jobs than fossil fast enough energy transition.
fuels, for each $1mn of spending. IRENA is hopeful that the energy transi-
Electrification is a key issue, with IRENA’s tion is technologically and even economically
1.5°C pathway forecasting that electricity will possible, but it is worried that major changes in
become the main energy carrier in 2050, with government thinking, together with commit-
renewable generating power expanding more ments across the globe to increase investment,
than ten-fold over the same period. Transport are needed.
will see the highest growth of electrification with The report sets out that oil consumption
a 30-fold increase. could be pushed down over the next 20 years,
Almost 70% of carbon emission reductions with electrification, hydrogen, natural gas and
in transport will come from direct and indirect improved efficiency taking its place in the trans-
electrification. port and industrial sectors.
In terms of demand for electricity, green However, if not enough is done quickly, the
hydrogen will be one of the major demand IRENA warns that the global economy could
sources, representing 30% of total consumption make a false start and forever be playing catch
in 2050. up in the coming decades.
Week 11 17•March•2021 www. NEWSBASE .com P5
