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A new report by Wood Mackenzie, a global market research firm, sends a dismal message on the transition to renewable energy, predicting that by 2040, the world will still get 85% of its energy needs
by burning fossil fuels.
Renewables currently account for 8% of global electricity and this figure is expected to triple by 2040
.
At the same time, however, economic and population growth in developing countries is expected to increase energy demand by 25 per cent
in all sectors.
If Wood Mackenzie's predictions are accurate, the possibility of global average temperatures staying within 2 degrees Celsius above pre-industrial levels is almost nonexistent
.
David Brown, one of the authors of the study, said: "The world will be at risk
of becoming dependent on fossil fuels in the coming decades.
This is a wake-up call
for governments and the energy industry.
If the world wants to decarbonize, they need to take a big step and come up with targeted policies
.
”
According to the report, "the problem is not in power generation
.
"Zero-carbon development for utilities is well underway and will continue
as long as solar and wind power generation combined with energy storage systems can be much cheaper than coal, oil and gas generation.
" However, decarbonization in other sectors, such as heating and cooling buildings, shipping, air travel, cement production and transportation, has been slow to decarbonize, and many are even unable to adopt low- or zero-carbon technologies
.
On the other hand, the gradual shift of direct subsidies to fossil fuels by governments towards renewable energy and other low-carbon technologies can help accelerate decarbonization plans
across industries.
Wood Mackenzie predicts that carbon emissions will rise over the next decade, slowing
down once we enter 2030.
Analysis by the International Energy Agency (IEA) in Paris shows that global emissions rose 1.
7% in 2018 to a record more than 33 billion tonnes
due to a 2.
3% increase in energy demand.
According to a report by the International Institute for Sustainable Development (IISD), 10 to 30 percent of the $372 billion global fossil fuel subsidy may be enough to cover its transition
to clean energy.
Richard Bridle, senior policy adviser, said: "Fossil fuel subsidies are often inefficient, costly for governments and undermine clean alternatives
.
All countries should look for identifying breakthroughs, from fossil fuel subsidies to renewable energy spending, and find breakthroughs that can kick-start their clean energy transition
.
”
A new report by Wood Mackenzie, a global market research firm, sends a dismal message on the transition to renewable energy, predicting that by 2040, the world will still get 85% of its energy needs
by burning fossil fuels.
Renewables currently account for 8% of global electricity and this figure is expected to triple by 2040
.
At the same time, however, economic and population growth in developing countries is expected to increase energy demand by 25 per cent
in all sectors.
If Wood Mackenzie's predictions are accurate, the possibility of global average temperatures staying within 2 degrees Celsius above pre-industrial levels is almost nonexistent
.
David Brown, one of the authors of the study, said: "The world will be at risk
of becoming dependent on fossil fuels in the coming decades.
This is a wake-up call
for governments and the energy industry.
If the world wants to decarbonize, they need to take a big step and come up with targeted policies
.
”
According to the report, "the problem is not in power generation
.
"Zero-carbon development for utilities is well underway and will continue
as long as solar and wind power generation combined with energy storage systems can be much cheaper than coal, oil and gas generation.
" However, decarbonization in other sectors, such as heating and cooling buildings, shipping, air travel, cement production and transportation, has been slow to decarbonize, and many are even unable to adopt low- or zero-carbon technologies
.
On the other hand, the gradual shift of direct subsidies to fossil fuels by governments towards renewable energy and other low-carbon technologies can help accelerate decarbonization plans
across industries.
Wood Mackenzie predicts that carbon emissions will rise over the next decade, slowing
down once we enter 2030.
Analysis by the International Energy Agency (IEA) in Paris shows that global emissions rose 1.
7% in 2018 to a record more than 33 billion tonnes
due to a 2.
3% increase in energy demand.
According to a report by the International Institute for Sustainable Development (IISD), 10 to 30 percent of the $372 billion global fossil fuel subsidy may be enough to cover its transition
to clean energy.
Richard Bridle, senior policy adviser, said: "Fossil fuel subsidies are often inefficient, costly for governments and undermine clean alternatives
.
All countries should look for identifying breakthroughs, from fossil fuel subsidies to renewable energy spending, and find breakthroughs that can kick-start their clean energy transition
.
”
