Page 5 - AfrElec Week 42 2021

AfrElec COMMENTARY AfrElec

G7 could set green example

for rest of world

GLOBAL G7 countries have the potential to reach net zero from a peak of nearly two-fifths in 2007.
in the power generation sector by 2035 and spur In 2020, natural gas and renewables were the
decarbonisation in other economies and sectors. primary sources of electricity in the G7, each
The International Energy Agency (IEA) providing about 30% of the total, with nuclear
noted in a report this week that reaching the power and coal close to 20% each.
2035 target could accelerate the technological
advances and infrastructure rollouts needed to New technology
lead global energy markets towards net-zero Reaching net-zero emissions from electric-
emissions by 2050. ity would require completing the phase-out of
The report, which was published at the unabated coal while simultaneously expanding
request of the UK, which currently holds the G7 low emissions sources of electricity, including
presidency, stressed that the G7 can jump-start renewables, nuclear, hydrogen and ammonia.
innovation and lower the cost of new technol- According to the IEA’s pathway to net zero
ogies, while at the same time maintaining elec- by 2050, renewables need to provide 60% of the
tricity security. G7’s electricity supply by 2030, whereas under
current policies they are on track to reach 48%.
Previous reports The new G7 report called on the countries
The new report builds on the IEA’s landmark to demonstrate that electricity systems with
Roadmap to Net Zero by 2050, published ear- 100% renewables during specific periods of the
lier this year, and on the June G7 Summit. It is year and in certain locations can be secure and
designed to inform discussions at the COP26 affordable. At the same time, increased reliance
Climate Change Conference in Glasgow, for on renewables does require the G7 to lead the
which the UK also holds the Presidency. way in finding solutions to maintain electricity
The roadmap calls for an immediate end to security, including seasonal storage and more
new investment in all fossil fuel supply projects, flexible and robust grids.
and no further final investment decisions (FIDs) In terms of jobs, achieving net zero in the
for new unabated coal plants. power sector by 2035 would create as many as
At their June meeting, the G7 leaders pledged 2.6mn jobs in the G7 over the next decade, but
to end public financing of unabated coal by the as many as 300,000 jobs could be lost at fossil fuel
end of 2021. They also committed to halving col- power plants, with profound local impacts that
lective emissions over the two decades to 2030 demand strong and sustained policy attention
and to increasing and improving climate finance to minimise the negative impacts on individuals
to 2025. and communities.
“G7 members have the financial and tech- “We welcome the IEA’s report on achieving
nological means to bring their electricity sector net zero electricity sectors in the G7. These coun-
emissions to net zero in the 2030s, and doing tries should provide leadership in the energy
so will create numerous spill-over benefits for transition,” said UN High Level Climate Action
other countries’ clean energy transitions and Champions Gonzalo Munoz and Nigel Topping.
add momentum to global efforts to reach net “Decarbonising electricity is essential to
zero emissions by 2050,” said Fatih Birol, the IEA keep 1.5 degrees alive, as well as to provide the
Executive Director. power for electrification of other sectors. Key
“G7 leadership in this crucial endeavour G7 milestones in the report include phase out
would demonstrate that getting to electricity sec- of unabated coal and reaching 60% renewable
tors with net-zero emissions is both doable and share of electricity by 2030 and overall net-zero
advantageous, and would also drive new innova- electricity emissions by 2035. The private sector
tions that can benefit businesses and consumers.” stands ready to support this effort.”
The G7’s commitments are crucial for reach-
ing the Paris Agreement’s 2050 targets, as the G7 Net-zero readiness
now accounts for nearly 40% of the global econ- The IEA’s report comes as the UK was named
omy, 36% of global power generation capacity, the highest-ranking G7 member in KPMG’s Net
30% of global energy demand and 25% of global Zero Readiness Index (NZRI). The UK leads
energy-related carbon dioxide (CO2) emissions. the G7, with only Norway judged to be better
The electricity sector now accounts for one- prepared.
third of the G7’s energy-related emissions, down The report compares the progress of a

Week 42 21•October•2021 www. NEWSBASE .com P5