A specially commissioned report has concluded that businesses and governments must do more to anticipate our future power system requirements. The report was compiled by the International Renewable Energy Agency (IRENA) and calls for the global power sector to improve.
The sector, including both suppliers and consumers, can achieve this primarily by planning ahead to anticipate future power needs. Also crucial is the development of ‘far-sighted policy frameworks’ in order to facilitate effective decarbonisation.
Innovation Key to Global Energy Transformation
The International Renewable Energy Agency (IRENA) believes the key to a cost-effective global energy transformation is innovation. The report also outlines several measures by which innovative policy and technology can produce cost-effective decarbonisation.
These measures include supporting technological innovations with improved market design and updated business models and daily operations. As decentralised energy resources become more common, IRENA believes it is important to accept and adapt changing roles and responsibilities.
Renewable Energy Requires a ‘Massive Scale-Up’
The report insists that a massive scale-up of renewable energy will be required to decarbonise the global power sector. To achieve the current target, the global power sector must increase the share of renewable energy to 85% by 2050.
The decarbonisation targets are outlined in the Paris Agreement intended to increase actions and investments needed for a sustainable future.
The Director General of IRENA, Adnan Z. Amin, was pleased with the progress already made in Europe. Mr Amin said, “Europe has shown tremendous leadership in initiating the system-wide innovations needed to support the widespread adoption of renewables and decarbonise the global economy. The region’s success shows us that innovation is creating an energy transformation that is technically feasible and economically attractive.”
How the IRENA Report was Compiled
The report analyzes the ‘geopolitical implications of the global energy transformation’ driven by renewable energy technology. It is the result of ten month-long deliberations by a diverse group of distinguished thought leaders called the Global Commission. These experts come from the sectors of energy, politics, economics, trade and environmental issues.
The Global Commission held meetings together in European venues in Berlin, Oslo and Reykjavik, plus one in Abu Dhabi. Each location was chosen due to the explicit support of the governments there, with the exception of Reykjavik. The Icelandic capital was chosen as the chairman of the Global Commission was actually Iceland’s President between 1996 and 2016.
The former President, Dr. Ólafur Ragnar Grímsson, has often been outspoken on issues such as climate change and renewable energy. He has also participated in the Global Creative Leadership Summit and initiated a Global Roundtable on Climate Change. The latter brought together representatives from corporations, research institutions and various government departments. Together they discussed and developed solutions for issues concerning the likes of public policy toward climate change.
The IRENA report also adopts this roundtable approach. Also contributing to the report’s conclusions are ideas derived from multiple consultations with academics, business leaders and government policy makers.
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