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    World Energy Transitions Outlook: 1.5°C Pathway
    World Energy Transitions Outlook: 1.5°C Pathway
    World Energy Transitions Outlook: 1.5°C Pathway
    Ebook438 pages4 hours

    World Energy Transitions Outlook: 1.5°C Pathway

    By International Renewable Energy Agency IRENA

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    About this ebook

    This report outlines a pathway for the world to achieve the Paris Agreement goals and halt the pace of climate change by transforming the global energy landscape.
    LanguageEnglish
    PublisherIRENA
    Release dateJan 1, 2022
    ISBN9789292603809
    World Energy Transitions Outlook: 1.5°C Pathway

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      Book preview

      World Energy Transitions Outlook - International Renewable Energy Agency IRENA

      © IRENA 2021

      Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material.

      ISBN: 978-92-9260-334-2

      eBook ISBN: 978-92-9260-380-9

      CITATION

      IRENA (2021), World Energy Transitions Outlook: 1.5°C Pathway, International Renewable Energy Agency, Abu Dhabi.

      Available for download: www.irena.org/publications

      For further information or to provide feedback: info@irena.org

      ABOUT IRENA

      The International Renewable Energy Agency (IRENA) serves as the principal platform for international co-operation, a centre of excellence, a repository of policy, technology, resource and financial knowledge, and a driver of action on the ground to advance the transformation of the global energy system. A global intergovernmental organisation established in 2011, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security, and low-carbon economic growth and prosperity.

      www.irena.org

      DISCLAIMER

      This publication and the material herein are provided as is. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein.

      The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed, and the presentation of material herein, do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries.

      WORLD

      ENERGY

      TRANSITIONS

      OUTLOOK

      ACKNOWLEDGEMENTS

      This publication was prepared by IRENA’s Renewable Energy Roadmap (REmap), Policy, Finance and Socio-economics teams. The 1.5°C Scenario including a technology pathway and investment needs, was developed by Dolf Gielen, Ricardo Gorini, Rodrigo Leme and Gayathri Prakash, with significant support and contributions from Nicholas Wagner, Luis Janeiro, Maisarah Abdul Kadir, Sean Collins and Elisa Asmelash. The finance, policy and socio-economic analyses were developed by Rabia Ferroukhi, Diala Hawila, Divyam Nagpal, Costanza Strinati, Ulrike Lehr, and Xavier Garcia Casals. This publication benefited from insights and contributions by Elizabeth Press who also developed the Executive Summary.

      Valuable input, support and comments were provided by IRENA experts: Paul Durrant, Seungwoo Kang, Karan Kochhar, Martina Lyons, Trish Mkutchwa, Carlos Ruiz (end-use and bioenergy), Emanuele Taibi, Herib Blanco , Raul Miranda, Carlos Fernandez (power system transformation and hydrogen), Francisco Boshell, Arina Anise, Elena Ocenic (innovation and technology standards), Roland Roesch, Gabriel Castellanos, Gayathri Nair, Barbara Jinks (grid integration, greening the gas and shipping), Asami Miketa, Pablo Carvajal (power sector investment planning), Michael Taylor (renewable energy cost status and outlook), Simon Benmarraze, Paula Nardone, Josefine Axelsson (Renewable Energy Markets and Technology), Sandra Lozo and Kingsmill Bond (renewable energy finance), Emanuele Bianco (hydrogen policy), Sara Pizzinato (power sector restructuring), Jinlei Feng (end-use policy), Stephanie Weckend and Kelly Tai (community energy and circular economy), Sufyan Diab (targets and NDCs), Michael Renner, Celia García-Baños and Bishal Parajuli (labour markets and socio-economics), Samah Elsayed (education and skills), Anastasia Kefalidou, Kathleen Daniel, Claire Kiss and Waiman Tsang (planning and programme).

      Modelling of the funding structure of the energy transition was developed with the support of the Boston Consulting Group (BCG). Macro-econometric modelling (E3ME) results benefited from the support of Cambridge Econometrics (CE).

      IRENA appreciates the insights and comments provided by Michael Hackethal, Ann-Katrin Siekemeier and Linus Herzig from the German Federal Ministry of Economics and Technology (BMWi), Ruud Kempener, European Commission Directorate General for Energy (ENER) and Deger Saygin (consultant).

      Valuable support and inputs were also provided by Laura Secada Daly. The publication, communications and editorial support were provided by Stephanie Clarke, Daria Gazzola, Nicole Bockstaller, Manuela Stefanides and Abdullah Abou Ali. The report was copy-edited by Steven B. Kennedy. The graphic design was done by weeks.de Werbeagentur GmbH.

      IRENA is grateful for the generous support of the Federal Ministry for Economic Affairs and Energy of Germany, which made the publication of this document a reality.

      FOREWORD

      We have no time. The window is closing and the pathway to a net zero future is narrowing. This was the message I delivered plainly and unambiguously when we released the World Energy Transitions Outlook preview at the Berlin Energy Transitions Dialogue earlier this year. Science is clear: 45% of global greenhouse gas emissions from 2010 levels must be reduced by 2030. Unfortunately, the recent trends show that the gap between where we are and where we should be is widening. We are on the wrong path, and we need to change the course now.

      The choices we make in the coming years will have a far-reaching impact. They could bring us on a path toward the goals we set out in 2015 when we adopted the highly consequential international agreements on sustainable development and climate change. Or they could take us in the opposite direction to further warming, with profound and irreversible economic and humanitarian consequences.

      It is unwise to make predictions or pre-empt outcomes at uncertain times. But several trends are shaping an unfolding energy transition and giving an indication of its direction. First, the costs of renewable technologies have plummeted to the point that new fossil-based electricity is no longer an attractive option. Second, the progress in the power sector is spilling over to end uses, allowing a re-imagining of possibilities with the abundance of renewable options at hand. Third, a consensus has formed that an energy transition grounded in renewable sources of energy and efficient technologies is the only way to give us a fighting chance of limiting global warming by 2050 to 1.5°C. Only a few years ago, the renewables-centred approach espoused by IRENA was considered too progressive, idealistic or even unrealistic. Today, our vision has become mainstream, and accepted as the only realistic option for a climate-safe world. And this is reflected in the growing number of commitments to net zero strategies by countries in all corners of the world, creating unprecedented political momentum for a transformative change.

      IRENA’s World Energy Transitions Outlook outlines the avenues to take us out of the climate crisis toward a resilient and more equitable world. It clearly shows the options we have today and what gaps need to be filled. The analysis and options presented prioritise existing emission-reduction solutions and those with the highest chance to become viable in the coming years. It does not bet on unproven technologies or pending inventions but encourages much-needed innovation to perfect and advance the fastest path to emission reduction.

      The Outlook offers a compelling path for decarbonising all energy uses, with electrification and energy efficiency as primary drivers, enabled by renewables, green hydrogen and sustainable modern bioenergy. But a scenario and its assumptions, however rigorous and comprehensive, are only an instrument to inform policy making. To translate this vision of the energy future into reality, we need to transcend the limits of the existing infrastructure created for the fuels of the past. And these decisions are not made in a vacuum. Economic and human development goals, environmental concerns, and financial avenues must all be reconciled.

      It is in this context that IRENA brings its unique value.

      The Outlook shows that, when we look beyond the narrow confines of energy supply, a renewables-based transition unlocks a range of valuable benefits. The Outlook thus presents the policy frameworks necessary to advance a transition that is just and inclusive. It provides an improved understanding of structural changes and offers a quantitative framework for impacts such as gross domestic product (GDP), employment and welfare. The report also examines funding structures to show the necessary shift in capital markets.

      And this knowledge provides the basis for IRENA to support countries in realising their priorities and turning their strategies into action. With our 164 Members, we see how collective action can drive progress worldwide and where overarching needs and gaps may exist.

      This global reach is what gives the Agency the credibility - and privilege - to support international co-operation across the gamut of energy transition issues to help countries learn from each other and tap into the vast expertise of the Agency. And we are actively working with partners, including the private sector, to provide a dynamic platform that drives action, foresighted planning, holistic policy making and investment at scale.

      The demands of our time are great and full of uncertainty. We are entering a new era of change, one in which energy transformation will drive economic transformation. This change is bringing unprecedented new possibilities to revitalise economies and lift people out of poverty. But the task ahead is daunting. I hope that this Outlook provides a fresh view on how to turn today’s energy problems into tomorrow’s solutions.

      Our shared future will only be bright if we move together, taking everyone along towards a more resilient, equal, and just world.

      TABLE OF CONTENTS

      Acknowledgements

      Foreword

      Executive Summary

      01

      LEVERAGING THE COMPETITIVENESS OF RENEWABLES TO HASTEN THE ENERGY TRANSITION AND MINIMISE CLIMATE CHANGE

      1.1 Energy transition trends

      1.2 The evolving policy landscape

      1.3 Renewable energy investments

      1.4 Jobs

      1.5 Outlook for achieving the 1.5°C goal

      1.6 Conclusion

      02

      TECHNOLOGICAL AVENUES TO CLIMATE TARGETS

      2.1 Contextualising the 1.5°C climate pathway

      2.2 Achieving climate targets under the 1.5°C Scenario

      2.3 Comparison of energy scenarios

      2.4 Conclusion

      03

      INVESTMENT NEEDS AND FINANCING FOR THE ENERGY TRANSITION

      3.1 New investment priorities in the 1.5°C Scenario

      3.2 Funding structures for a climate safe 1.5°C future

      3.3 The impact of the energy transition on financing risks and capital pools

      3.4 Conclusion

      04

      COMPREHENSIVE POLICY FRAMEWORK FOR THE ENERGY TRANSITION

      4.1 Cross-cutting policies enabling the energy transition

      4.2 Policies to support the technological avenues of the energy transition

      4.3 Policies for structural change and a just transition

      4.4 Holistic global policy framework

      4.5 Conclusion

      05

      SOCIO-ECONOMIC IMPACTS OF THE ENERGY TRANSITION

      5.1 The climate policy basket

      5.2 Socio-economic footprint results

      5.3 Conclusion

      A Way Forward

      References

      ANNEX A

      Sector-specific transition strategies

      References Annex A

      ANNEX B

      Socio-economic footprint of the transition

      LIST OF FIGURES

      FIGURE S.1 Share of new electricity capacity, 2001-2020

      FIGURE S.2 Global renewable energy employment, by technology, 2012-2019

      FIGURE S.3 The WETO theory of change

      FIGURE S.4 Carbon emissions abatements under the 1.5°C Scenario (%)

      FIGURE S.5 Evolution of emissions with phaseouts of coal and oil, 2021-2050

      FIGURE S.6 Total average yearly investment by source and type of financing as of 2019, PES and 1.5°C Scenario (2021-2030 and 2031-2050)

      FIGURE S.7 Cumulative difference between costs and savings of 1.5°C Scenario compared to the PES, 2021-2050

      FIGURE S.8 Energy sector jobs by technology under the PES and 1.5°C Scenario (million), global results

      FIGURE S.9 Energy sector jobs, by segment of value chain, in the 1.5°C Scenario and PES (excluding vehicles)

      FIGURE S.10 Jobs in renewable energy, by technology, in the 1.5°C Scenario and PES (million)

      FIGURE S.11 Structure of jobs in the 1.5°C Scenario by 2050 for a subset of renewable technologies by technology, segment of value chain and occupational requirements

      FIGURE S.12 Structure of IRENA’s Energy Transition Welfare Index

      FIGURE S.13 Enabling policy framework for a just and inclusive energy transition

      FIGURE 1.1 Global LCOE of newly commissioned utility-scale renewable power generation technologies, 2010 and 2020

      FIGURE 1.2 Share of new electricity capacity, 2001-2020

      FIGURE 1.3 New energy vs. old energy: S&P Global Clean Energy and Energy Indices, 24 May 2016 to 24 May 2021

      FIGURE 1.4 Global investment in energy transition technologies, 2005-2020

      FIGURE 1.5 Global annual renewable energy investments by technology, 2005-2019

      FIGURE 1.6 Global annual renewable energy investments by location, 2005-2019

      FIGURE 1.7 Annual commitments to off-grid renewable energy by region, 2008-2019

      FIGURE 1.8 Public annual renewable energy investments in emerging and developing countries by technology, 2005-2019

      FIGURE 1.9 Global renewable energy employment by technology, 2012-2019

      FIGURE 1.10 Projected trends in global CO 2 emissions under three scenarios, 2020-2050

      FIGURE 1.11 Primary supply of fossil fuels (exajoules), 2018 to 2050, under the 1.5°C Scenario

      FIGURE 2.1 Carbon emissions abatements under the 1.5°C Scenario (%)

      FIGURE 2.2 Renewable and non-renewable share of total primary energy supply in 2018 and 2050, PES and the 1.5°C Scenario (EJ/year)

      FIGURE 2.3 Energy intensity improvement rate and contributions, by category, historical and under the 1.5°C Scenario, 2018–2050

      FIGURE 2.4 Breakdown of total final energy consumption (TFEC) by energy carrier in 2018 and 2050 (EJ) in the 1.5°C Scenario

      FIGURE 2.5 Electricity generation and capacity by source, 2018 and 2050 (TWh/yr and GW) in the 1.5°C Scenario

      FIGURE 2.6 Emerging innovations that support the integration of VRE

      FIGURE 2.7 TFEC split by direct electricity and the use of green hydrogen and its derivative fuels, 2018 and 2050, in PES and the 1.5°C Scenario (EJ/yr)

      FIGURE 2.8 Electricity consumption by sector, 2018, 2030 and 2050 (TWh/yr) in the 1.5°C Scenario

      FIGURE 2.9 Hydrogen production costs resulting from low and high electricity cost assumptions

      FIGURE 2.10 CO 2 emissions abatement options in the 1.5°C Scenario compared to PES in the industry, transport and building sectors

      FIGURE 2.11 Primary bioenergy demand in 2018 and 1.5°C Scenario 2050 (EJ/yr)

      FIGURE 2.12 Amount of CO 2 (GtCO 2 ) yet to be removed in the 1.5°C Scenario

      FIGURE 2.13 Shares of renewables in total primary energy in 2018 and 2050 in various energy scenarios

      FIGURE 2.14 CO 2 emissions versus electrification rates in various energy scenarios

      FIGURE 3.1 Total investment by technology: PES and 1.5°C Scenario (2021-2050)

      FIGURE 3.2 Annual average investments in power and end uses, historical (2017-2019) and needed to meet 1.5°C Scenario (USD billion/year)

      FIGURE 3.3 Energy transition technologies and their development stage

      FIGURE 3.4 Total average yearly investment by source and type of financing as of 2019, PES and 1.5°C Scenario (2021-2030 and 2031-2050)

      FIGURE 3.5 Number of renewable energy project transactions involving institutional investors by technology, 2009 - Q2 2019

      FIGURE 3.6 Annual global green bond issuance by region, 2014-2019

      FIGURE 4.1 Enabling policy framework for a just and inclusive energy transition

      FIGURE 4.2 Renewable energy components of NDCs, as of the first quarter of 2021

      FIGURE 4.3 Global installed capacity of renewable power: historical trends and future projections based on targets

      FIGURE 4.4 Solutions and enabling infrastructure for the energy transition in heating and cooling

      FIGURE 4.5 Phase-out of coal in Germany by 2038

      FIGURE 4.6 Share of households unable to keep home adequately warm, by income level, in selected countries, 2019 (%)

      FIGURE 4.7 Roles of municipal governments in the energy transition

      FIGURE 4.8 Auction design for objectives beyond price discovery

      FIGURE 4.9 Unequal advance in different transition layers, with organisational structures lagging behind

      FIGURE 4.10 Misalignments in marginal pricing allocation mechanisms: Missing money and cannibalisation effects

      FIGURE 4.11 Global energy use for space cooling covered by MEPS in selected jurisdictions, 2018

      FIGURE 4.12 Cities with bus rapid transit systems, per year and cumulative, 1968-2020

      FIGURE 4.13 Green hydrogen value chain

      FIGURE 4.14 Government hydrogen-related initiatives announced between June 2018 and February 2021

      FIGURE 4.15 Guarantees of origin and life-cycle emissions

      FIGURE 4.16 Distribution of material and human resource requirements for the development of a 50 MW wind farm

      FIGURE 4.17 Human resource requirements in the solar PV and wind industries

      FIGURE 4.18 Human resource requirements for the manufacturing and installation of solar water heaters

      FIGURE 4.19 Overview of EU PV recycling operations, by year and by country, 2019

      FIGURE 5.1 Cumulative difference between costs and savings of 1.5°C Scenario compared to the PES, 2021-2050

      FIGURE 5.2 GDP difference between the 1.5°C Scenario and PES, with GDP drivers

      FIGURE 5.3 Differences in economic output between 1.5°C Scenario and PES, by sector

      FIGURE 5.4 Effects of climate damages on global GDP under the 1.5°C Scenario and PES, for each scenario (left) and for the difference between both scenarios (right)

      FIGURE 5.5 Employment difference between the 1.5°C Scenario and PES, by driver

      FIGURE 5.6 Employment difference by sector between the baseline and 1.5°C Scenario (thousands of jobs)

      FIGURE 5.7 Energy sector jobs by technology (left) and segment of value chain (right) under the PES and 1.5°C Scenario, global results (millions of jobs)

      FIGURE 5.8 Evolution of energy sector jobs by technology under the PES and 1.5°C Scenario, including vehicles and associated recharging infrastructure

      FIGURE 5.9 Jobs in renewable energy, by technology, in the 1.5°C Scenario and PES (million)

      FIGURE 5.10 Renewable energy jobs, by segment of value chain, in the 1.5°C Scenario and PES

      FIGURE 5.11 Evolution of the distribution of jobs in the energy sector, by education level, in the PES and 1.5°C Scenario

      FIGURE 5.12 Structure of jobs in the 1.5°C Scenario by 2050 for a subset of renewable technologies, by technology, segment of value chain and occupational requirements

      FIGURE 5.13 Structure of IRENA’s Energy Transition Welfare Index

      FIGURE 5.14 Overall welfare (centre) and dimensional (blades) indices for the PES and 1.5°C Scenario by 2050, global results, multi-dimensional representation

      FIGURE 5.15 Overall Energy Transition Welfare Index and dimensional contributions of the PES and 1.5°C Scenario by 2050, global results, unidimensional representation

      FIGURE 5.16 Relative improvement of the Energy Transition Welfare Index and its dimensional contributions by 2050, global results

      FIGURE 5.17 Economic index under the 1.5°C Scenario and PES by 2050, by indicator, global results

      FIGURE 5.18 Social index under the 1.5°C Scenario and PES by 2050, by indicator, global results

      FIGURE 5.19 Environmental index under the 1.5°C Scenario and PES by 2050, by indicator, global results

      FIGURE 5.20 Distributional index under the 1.5°C Scenario and PES Average 2021-2050, by indicator, global results

      FIGURE 5.21 Contributions to two access index indicators under the 1.5°C Scenario and PES by 2050, global results

      FIGURE 5.22 Ecosystem needs for supporting livelihoods with distributed renewable energy solutions

      LIST OF TABLES

      TABLE S.1 Overview of cross-cutting policies to enable the energy transition

      TABLE S.2 Overview of policies to support energy transition solutions

      TABLE 3.1 Key investment risks and financial risk-mitigation tools to address them

      TABLE 3.2 TCFD recommendations regarding ‘decision-useful’ climate-related disclosure

      TABLE 4.1 Overview of cross-cutting policies to enable the energy transition

      TABLE 4.2 Jurisdictions with net zero targets as of the first quarter of 2021

      TABLE 4.3 Results of auctions for coal plant phase-out in Germany

      TABLE 4.4 Overview of policies to support energy transition solutions

      TABLE 4.5 A dual approach to the procurement of electricity

      TABLE 4.6 Overview of structural change and just transition policies

      TABLE 5.1 Elements included in the modelling of government fiscal balances (% of global cumulative fiscal balances 2021-2050)

      TABLE 5.2 Key economic and demographic trends of the PES ( compound annual growth rates)

      TABLE 5.3 Global improvement in jobs in the 1.5°C Scenario over the PES, in relative and absolute terms

      TABLE 5.4 Global renewable energy jobs in the 1.5°C Scenario and differences with the PES

      LIST OF BOXES

      BOX 2.1 Scenario comparison

      BOX 3.1 De-risking investments in the energy transition

      BOX 3.2 Funding sources at each stage of a technology revolution

      BOX 3.3 Institutional investors and the energy transition

      BOX 3.4 Green taxonomy and climate-related risk disclosure

      BOX 3.5 Green bonds

      BOX 4.1 Integrating innovation in buildings with district energy networks in the European Union

      BOX 4.2 Germany’s tender for coal being phased out by 2038 as part of its green recovery plan

      BOX 4.3 Addressing energy poverty

      BOX 4.4 The role of cities in the energy transition in end uses

      BOX 4.5 Auction design to support policy objectives beyond price

      BOX 4.6 Policies for off-grid renewable energy solutions

      BOX 4.7 Definitions of power system organisational structure and misalignments

      BOX 4.8 Policies supporting the supply of green hydrogen

      BOX 4.9 Policies and measures for the sustainable use of bioenergy

      BOX 4.10 Fostering women’s employment at the Ethiopian Electric Utility

      BOX 4.11 Energy access skills

      BOX 4.12 European Waste Electrical and Electronic Equipment Directive (WEEE) for end-of-life management of PV

      BOX 5.1 Socio-economic footprint of the 1.5°C Scenario, 2030 and 2050: A snapshot

      BOX 5.2 Carbon pricing in IRENA’s modelling exercise

      BOX 5.3 Transition cost-benefit analyses

      BOX 5.4 The energy transition’s implications for jobs in road transport

      BOX 5.5 The hydrogen supply chain

      BOX 5.6 Evolution of education levels necessary to support the energy transition

      BOX 5.7 Linking energy supply with livelihood services

      TABLE OF CONTENTS | ANNEX

      ANNEX A Sector-specific transition strategies

      REFERENCES Annex A

      ANNEX B Socio-economic footprint of the transition

      FIGURE A.1 Total energy consumption and CO 2 emissions in transport

      FIGURE A.2 Emission reductions in transport in 2050

      FIGURE A.3 Total energy consumption and CO 2 emissions in industry

      FIGURE A.4 Emission reductions in industry in 2050

      FIGURE A.5 Total final energy consumption and CO 2 emissions in buildings

      FIGURE A.6 Emission reductions in buildings in 2050

      FIGURE B.1 Potential transition implications of sub-optimal carbon pricing

      TABLE A.1 Energy Sector: Indicators of progress – status in 2018 and targets for 2030 and 2050

      TABLE A.2a Transport: Indicators of progress – status in 2018 and targets for 2030 and 2050

      TABLE A.2b Transport: Energy transition investments

      TABLE A.3a Industry: Indicators of progress – status in 2018 and targets for 2030 and 2050

      TABLE A.3b Industry: Energy transition investments

      TABLE A.4a Buildings: Indicators of progress – status in 2018 and targets for 2030 and 2050

      TABLE A.4b Buildings: Energy transition investments

      TABLE B.1 Goalposts for the indicators in IRENA’s Energy Transition Welfare Index

      DATA TABLES | EMPLOYMENT

      TABLE B.2 Energy sector jobs for the 1.5°C Scenario and differences with PES over time, global results

      TABLE B.3 Renewable energy jobs by technology in the 1.5°C Scenario and differences with the PES, global results

      TABLE B.4 Renewable energy jobs by segment of value chain in the 1.5°C Scenario and differences with the PES, global results

      TABLE B.5 Energy sector jobs by educational requirement in the 1.5°C Scenario and differences with the PES, global results

      DATA TABLES | WELFARE

      TABLE B.6 Welfare and dimensional indexes for 1.5-S and PES, as well as the relative difference between both, for 2030 and 2050, global results

      TABLE B.7 Economic index and its indicator’s indexes

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