IRENA: Renewables must account for two-thirds of total energy by 2050

The International Renewable Energy Agency (IRENA) notes that current emission trends cannot achieve limiting temperature rise below 2°C, so immediate action is essential so that the world does not exhaust its energy-related carbon budget in less than 20 years, leaving enough room for fossil fuels to dominate the global energy mix
.

IRENA: Renewables must account for two-thirds of total energy by 2050

Speaking at the Energy Transition Dialogue in Berlin, IRENA Director-General Adnan Amin said that to decarbonize global energy, renewables must account for at least two-thirds
of total energy by 2050.

According to IRENA's latest report, "Global Energy Transition: A Roadmap for 2050", cumulative emissions should be reduced by at least 47 billion tonnes
by 2050 compared to current and planned policies.

This means that renewable energy capacity needs to be increased at least sixfold to meet the goals of the Paris Climate Agreement in a cost-effective manner, with economic, social and ecological benefits
at national and global levels.

Main pillars and risks

According to IRENA, the main pillars of the energy transition are energy efficiency and renewable energy, which together reduce energy-related CO2 emissions
by more than 90%.

While the share of renewables needs to increase to about two-thirds by 2050, energy intensity needs to fall by two-thirds, leaving total primary energy supply slightly below 2015 levels
, the report said.

The report also suggests that renewable energy will account for 60% or more
of total energy consumption in many countries by 2050.

At the same time, delays in the energy transition are seen as key risks, and early action to channel investments in energy technologies is seen as critical
to reducing stranded assets.

The report estimates that up to $11 trillion of energy assets will be put on hold by 2050, and could double in value if action is delayed further
.

Energy transition in the power sector

While significant progress has been made in the energy transition in recent years, IRENA believes that the pace of progress needs to be accelerated
.

As the power sector added 167 GW of clean energy capacity, renewable energy grew by 8.
3% in 2017, setting new records
of 94 GW and 47 GW of new solar and wind energy.

But in order to achieve the goals of the Paris climate agreement, the share of renewables in the power sector, which is central to the transition to a sustainable energy future, should rise from 25% in 2017 to 85% in 2050, mainly in the solar and wind sectors
.

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