Renewable energy production is expanding at an unprecedented pace, led by the rapid rise of solar energy, says a new report from the International Energy Agency.
At the same time, insatiable global demand for more energy has contributed to increased fossil fuel production, pushing energy-related carbon emissions to another record high, the report found.
In general, the IEA annual report, Released todayThe world remains on pace to peak demand for all types of coal, oil and natural gas before 2030, driven in part by growth in electric vehicles, the study found.
“In the history of energy, we have witnessed the age of coal and the age of oil,” said Fatih Birol, Executive Director of the International Energy Agency.
“We are now moving rapidly into the electrification era, which will define the global energy system of the future and will increasingly rely on clean electricity sources.”
Growth in overall energy production could help bring down prices, “providing some relief to consumers who have been hit hard by rising prices,” Birol said. He added that this could also lead to a “glut” in natural gas supplies from countries including Canada.
Solar energy is a driving force
Solar, wind, and nuclear power are expected to rise in the coming years, but the outlook for solar power stands out.
Over the past five years, annual solar capacity additions have quadrupled to 425 GW, and solar is expected to become an even more important part of the global energy mix.
Parallel developments in battery storage should help this transition. According to the report, battery storage “is expected to provide the lion’s share of energy storage expansion to support the goal of tripling renewables capacity by 2030.”
Solar and batteries are “stealing the spotlight,” said Dave Jones, director of the Ember Energy Research Center, which reviewed the report.
However, given the growing energy demand, “the rapid growth of renewables does not translate into a rapid decline in carbon dioxide emissions,” Jones said.
“Renewable growth creates energy abundance, but this will only translate into a significant reduction in CO2 emissions if at the same time there is a strong focus on using energy as wastelessly as possible.”
China leads the way (in all directions)
The report cites China as a leader in renewable energy production and, at the same time, a driving force in the continued production of fossil fuels, including coal.
The country is a world leader in clean technology, including solar, wind, hydro and nuclear power, but has also seen coal-fired power increase by more than 20 percent and natural gas by 40 percent over the past five years, according to Report.
“Whether it is investment, fossil fuel demand, electricity consumption, renewables deployment, electric vehicle market, or clean technology manufacturing, we are now in a world where almost every energy story is essentially a story,” Birol said. tray”.
Overall, the report finds that China is moving quickly toward reducing emissions and increasing renewable energy capacity.
According to the report, China already accounts for half of the world’s electric vehicles on the road, and by 2030, 70 percent of new vehicle sales in China are expected to be electric.
By the early 2030s — less than a decade from now — China’s solar generation could exceed total U.S. electricity demand today, Birol said.
As sea levels, carbon dioxide amounts and surface temperatures rise, leading climate scientists say Earth’s “vital signs” are not looking good. But there are some signs of hope too.
Emissions are not falling fast enough
Global emissions are expected to peak soon based on today’s policies, but not fast enough to meet climate goals.
The planet is on track for average global temperatures to rise by 2.4 degrees Celsius by the end of the century, well above the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius, according to the report.
The report said countries, including Canada, will need to increase investments in clean energy transitions and move away from fossil fuel subsidies.
“Government policies and consumer choices will have serious consequences on the future of the energy sector and addressing climate change,” Birol said.
