The International Renewable Energy Agency (IRENA) released its World Energy Transitions Outlook 2023 said that in the global space, 40 per cent of installed power is generated from renewable energy sources.
Last year, the power generated across the world has 83 per cent of addition from renewable sources of energy.
The report also outlines the current status of the generation of renewable energy and mentioned the obstacles that can affect its pace. In order to attain the objective of the Paris Agreement, these challenges need to be overcome to limit the global temperature at 1.5 degrees Celsius.
World Energy Transition Outlook 2023 highlighted the advent of the pandemic and the occurrence of the Ukraine crisis as the major causes that slowed down the progress towards renewable energy transition.
Climate change is the most prominent issue that is being deliberated across every international platform, because it is influencing the environment, temperature, agriculture and eventually the economy.
In this regard, world leaders gathered at the UN Climate Change Conference (COP21) in Paris and signed a Paris Agreement on 12 December 2015. Paris Agreement is historic in the sense as it is the foremost and prime effort of all the countries towards ensuring a healthy future.
In the case of countries, Africa contributes only 1 per cent of additional renewable energy capacity in 2022 that revealing the transition needs more financial investment in the region while the report also unveiled the importance of public investment in accelerating the speed of the energy transition.
According to the report, strong public financing will help to channel the investment towards countries and technologies in a more equitable way. Renewable energy sources can be used repeatedly and get replenished even after consumption; Solar energy, wind energy, geothermal energy etc. These resources are easily available and do not emit non-healthy gases which pollute the environment.
There are several reports indicating toward degrading health of the earth and its ozone layer depletion, therefore whether developing or developed economies are keeping their eye on an objective to develop without harming the environment.
Further, the report also throws light on the need to invest yearly USD 5 trillion to achieve the aim of the Paris Agreement. 80 per cent of planned investment need to be invested in transition technologies to achieve the 2030 goal, said the report.
It further mentions regulatory enablers, policy and physical infrastructure as the three pillars that can boost economic growth by reducing greenhouse gas emissions.
With every other country striving to reduce carbon emissions, reports like World Energy Transitions Outlook 2023 become helpful to review the pace and progress towards the direction. These reports also suggest adding the needful in achieving the Paris Agreement goals.