Global energy-related carbon dioxide (CO2) emissions can be reduced by 70% by 2050 and completely phased-out by 2060 with a net positive economic outlook, according to new findings released today by the International Renewable Energy Agency (IRENA). Perspectives for the Energy Transition: Investment Needs for a Low-Carbon Energy Transition, launched on the occasion of the Berlin Energy Transition Dialogue, presents the case that increased deployment of renewable energy and energy efficiency in G20 countries and globally can achieve the emissions reductions needed to keep global temperature rise to no more than two-degrees Celsius, avoiding the most severe impacts of climate change.
While overall the energy investment needed for decarbonising the energy sector is substantial – an additional USD 29 trillion until 2050 – it amounts to a small share (0.4%) of global GDP. Furthermore, IRENA’s macroeconomic analysis suggests that such investment creates a stimulus that, together with other pro-growth policies, will:
- boost global GDP by 0.8% in 2050;
- generate new jobs in the renewable energy sector that would more than offset job losses in the fossil fuel industry, with further jobs being created by energy efficiency activities, and;
- improve human welfare through important additional environmental and health benefits thanks to reduced air pollution.
Globally, 32 gigatonnes (Gt) of energy-related CO2 were emitted in 2015. The report states that emissions will need to fall continuously to 9.5 Gt by 2050 to limit warming to no more than two degrees above pre-industrial temperatures. 90% of this energy CO2 emission reduction can be achieved through expanding renewable energy deployment and improving energy efficiency.
To read the report; visit IRENA | Press Releases