World Energy Transitions Outlook: 1.5°C Pathway.

International Renewable Energy Agency (IRENA) (2021): World Energy Transitions Outlook: 1.5°C Pathway. IRENA, Abu Dhabi.

Abstract

Where are we in the energy transition?

The energy sector, known for its slow pace of change, is undergoing a dynamic transition. The imperatives of climate change, energy poverty and energy security to underpin development and industrial strategy have made the widespread adoption of renewables and related technologies an essential solution. Policy drivers, technology developments and international co-operation have moved these technologies from niche to mainstream, especially in the past decade. Even in the face of the turmoil caused by the COVID-19 pandemic, renewables-based systems demonstrated remarkable resilience, showing technical reliability of renewables-based electricity system with high share of solar and wind.

A consensus has formed that an energy transition grounded in renewable sources and technologies that increases efficiency and conservation is the only way to give us a fighting chance of limiting global warming to 1.5°C by 2050. Only a few years ago, the renewablescentred approach espoused by IRENA was considered idealistic. Today, even some of the most conservative energy players have realised it as the only realistic option for a climate-safe world. Such a profound and pervasive shift of views is rooted in undeniable evidence, not only of the world’s grave problems, but also of trends in technology, policy and markets that have been reshaping the energy sector for over a decade.

For the past seven years, more renewable power was added to the grid annually than fossil fuels and nuclear combined. Renewable power technologies now dominate the global market for new electricity generation capacity, as they have become the cheapest sources of electricity in many markets. A record level of 260  gigawatts (GW) of renewables-based generation capacity was added globally in 2020, more than four times the capacity added from other sources (IRENA, 2021a). This a promising trajectory for rapid decarbonisation of the power sector. [...]