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World Energy Transitions: Outlook 2023

Facts for Prelims (FFP)

Source: IE

 Context: World Energy Transitions: Outlook 2023 (report by the International Renewable Energy Agency (IRENA)) states that the world is still “off-track” and falls short of the 1.5°C pathway.

Positives in the Report:

 

Negatives:

 

Renewables account for 40% of installed power generation globally, and in 2022, renewables contributed to 83% of global power additions. Developing nations continue to receive comparatively little investment, and public sector intervention is required to channel investments towards countries more equitably.

 

Key recommendations:

  • Net-zero commitments must be embedded in legislation and translated into implementation plans.
  • Every investment and planning decision should consider the structure and geography of the low-carbon economy of the future.
  • Deployment levels of renewables must grow from some 3,000 GW today to over 10,000 GW in 2030 to keep 5°C alive

 

About IRENA

 The International Renewable Energy Agency (IRENA) (est. 2009; HQ: Abu Dhabi (UAE))  is an intergovernmental organisation that supports countries in their transition to a sustainable energy future. Its membership comprises 167 countries and the European Union.

In 2009, India has become the 77th Founding Member of this organization. It is an official United Nations observer.