IEA, IRENA join forces to prompt redesign of energy markets

The International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) are scheduled to present their latest findings on Monday, exploring how the globe‘s carbon footprint can be reduced by 70% by 2050, and completely phased out by 2060, bringing major economic gains.

In order to keep the global temperature rise below two degrees Celsius, as set out in the Paris Agreement of 2015, the way the world generates and uses energy needs to change on a global scale, the report said.

Renewable energy now accounts for 24% of global power generation and 16% of primary energy supply. To achieve decarbonization by 2050, renewables should account for 80% of power generation and 65% of total primary energy supply, according to the report titled The Perspectives for the Energy Transition: Investment Needs for a Low-Carbon Energy Transition.

The transition to a clean energy economy, naturally, requires substantial investment an additional $29 trillion until 2050, but the silver lining is that this amounts to a small share of global GDP (0.4%). Furthermore, as stated in the report, such investments would boost global GDP by 0.8 % in 2050, generate new jobs along with offsetting job losses in the fossil fuel industry, and improve human welfare thanks to reduced air pollution.

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