The way the world supplies energy will change dramatically by the end of the decade thanks to growing demand for electric vehicles and clean energy technologies. New account According to the International Energy Agency.
The IEA predicts that by 2030:
Almost half of the world's electricity supply will be provided by renewable energy.
Ten times more electric cars will be on the road.
Heat pumps and other electric heating systems outperform fossil fuel boilers.
There will be three times more investment in new offshore wind projects than in coal and gas-fired power plants.
Solar power generates more electricity than the entire US power system currently does.
The projections, based on government policies already in place around the world, are part of the IEA's annual World Energy Outlook, released on Tuesday. The account is based on previous The IEA analyzes the growth of renewable energy.
The growth of renewable energy has a major impact on fossil fuels, with global demand for coal, oil and natural gas now expected to peak this decade.
“The transition to clean energy is happening around the world and it is unstoppable,” Fatih Birol, executive director of the IEA, said in a statement.
“Governments, companies and investors must support clean energy transitions rather than hinder them.”
A stronger policy is needed
Ember, a nonprofit environmental think tank, said the report is a sign that the transition to renewable energy is gaining momentum.
“We're moving faster towards the electric future every day,” said Amber's Global Insights Leader, Dave Jones.
“It's been a long time coming, but renewable electricity will soon be built on a scale that will finally stop the growth of fossil fuels not only in the energy sector, but in the entire economy.”
However, the report also included a stark warning: much tougher policies are needed to limit greenhouse gas emissions to keep warming to 1.5 degrees Celsius by the end of the century.
The challenge comes a month ahead of COP28, the landmark United Nations climate conference in Dubai, which aims to commit to tripling global renewable energy capacity by 2030.
“Each country has to find its own way, but international cooperation is crucial to accelerate the clean energy transition,” Birol said.
A “wake-up call” for Canada
Globally, investments in clean energy continue to grow, but Canadian experts say the country needs to do more to be a leader.
Only $2.8 billion was invested in solar energy in Canada last year, compared to $37 billion in oil and gas investments, according to federal data.
“This report is a great moment in the energy transition globally and a wake-up call for Canada's energy transition,” said Stephen Thomas, who specializes in clean energy at the David Suzuki Foundation.
Federal government policies such as regulations Power purifier and promised Emission limit A shift away from fossil fuel production will facilitate this transition, he said.
The IEA report also highlights the crucial role that banks and investors have to play in financing the transition process.
Richard Brooks, director of climate finance at environmental organization Stand.earth, said the report shows Canada is at a crossroads.
“Canadian institutions, especially our banks and our pension funds, have been part of the problem, not part of the solution, and now is an opportunity to change that direction,” said Brooks, who is based in Toronto.
“Right now, our Canadian banks are really stepping on the accelerator when it comes to increasing emissions, at a time when we need to hit the brakes.”