Global energy to double by 2050 - ITREALMS

ITREALMS:

The Global Energy Transformation: A Roadmap to 2050 has been launched in Berlin Energy Transition Dialogue on Tuesday in Berlin which says that global power supply will double over this period, reports ITREALMS.

The Global Energy Transformation, ITREALMS gathered was launched by the International Renewable Energy Agency (IRENA) as the latest edition of IRENA's review.

According to the latest edition of IRENA’s there is need to look upto 2050 in order to meet 86 per cent of global power demand with renewable energy that currently exist, stressing that power supply will double over this period, reports ITREALMS.

"Electricity would cover half of the global final energy mix. Global power supply would more than double over this period, with the bulk of it generated from renewable energy, mostly solar PV and wind," part of the report read.

Some of the key findings include:

• Today the question is no longer if energy transition is possible, but how to make it happen faster. Renewables and electrification are a key climate solution.
• Renewable energy supply, increased electrification of energy services, and energy efficiency can deliver more than 90% of needed reductions to energy-related CO2 emissions. Renewable energy and electrification alone deliver 75% of emission reductions.
• The transition towards a decarbonised global energy system will require scaling up investments in the energy sector by a further 16% (an additional USD 15 trillion by 2050). In total USD 110 trillion would be invested in the energy system, representing on average 2% of global gross domestic product (GDP) per year over the period.
• The REmap Case would result in a cumulative reduction in fossil fuel subsidies of USD 15 trillion below what would have occurred in the Reference Case by 2050, and in a net reduction of USD 10 trillion when including the increased support needed for renewables in the REmap Case.
• In total the savings from avoided subsidies and reduced environmental and health damages are about three to seven times larger than the additional energy system costs. In monetary terms, total savings resulting from the REmap Case could amount to between USD 65 trillion and USD 160 trillion over the period to 2050.
• By year 2050, the REmap energy transition brings about relative improvements of GDP and whole-economy employment of 2.5% and 0.2% respectively. In cumulative terms from 2019 to 2050 the GDP gains of the REmap Case over the Reference Case add up to 99 USD trillion.
• Climate damage impacts increase with time as the climate system responds to the cumulative GHG emissions. Macroeconomic performance under both the Reference and REmap cases is significantly impacted by climate damages, leading to a global GDP reduction of 15.5% and 13.2%, respectively, by 2050.

Nenye Dom/Editor

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