Increasing the pace of global renewable energy adoption by at least a factor of six — critical for meeting energy-related emission reduction needs of the Paris Climate Agreement — can limit global temperature rise to two degrees, the International Renewable Energy Agency (IRENA)’s long-term renewable energy outlook said on Tuesday.
At the same time, the report finds that by 2050 the global economy would grow by one per cent and global welfare, including benefits not captured by the GDP, such as health benefits from reduced air pollution and reduced climate impacts, among others, would improve by 15 per cent, compared to the current trajectory.
“Global Energy Transformation: A Roadmap to 2050”, launched at the Berlin Energy Transition Dialogue, also finds that increasing cumulative energy system investment by 30 per cent up to 2050 in favour of renewable energy and energy efficiency can create over 11 million additional energy sector jobs, completely offsetting job losses in the fossil fuel industry.
Immediate action will also reduce the scale and value of stranded energy-related assets in the future. Read More