Innovation is critical to ensuring that countries can reap the benefits of low-cost renewables and reliably integrate high shares of them into their energy systems, according to the International Renewable Energy Agency (IRENA).
The Agency called for a tripling of annual renewable power additions until 2030 in its World Energy Transitions Outlook. It also advocates for a meaningful increase in the use of renewables in end-use sectors such as industry, buildings, and transport to meet the objectives of both the Paris Agreement and the United Nations Sustainable Development Goals.
Read also: Oriental renewable solutions, greenwish partners announce partnership on solar project
“Innovation holds the key to advance the ongoing transition of the global energy system to meet increasingly urgent climate objectives,” said Francesco La Camera, Director-General of the Agency.
He said that at the upcoming Conference of Parties (COP) 28 in Dubai, governments will define plans that must be implemented to accelerate decarbonisation.
Read also: Business sustainability and economic case for off-grid, renewable energy solutions in Nigeria
“To inform these zero-carbon plans and translate them into concrete action, governments will require guidance on the optimal mix of innovations for their specific national contexts.”
Electrification with renewables is cost-effective, increases the security of supply and mitigates risks of fuel price volatility as experienced in recent years.
Read also: Adopting affordable renewable energy solutions will transform lives, businesses– Ibukun Awosika
IRENA’s 1.5°C scenario anticipates that by mid-century, the use of direct and indirect electricity including hydrogen will cover almost two-thirds of the global energy demand, triggering annual investment needs of up to $1 trillion in technologies and infrastructure. Without a smart and systemic approach to technology, business models, market design and system operation, countries face a constrained system and massive additional infrastructure costs.
“IRENA’s flagship event builds on the Agency’s excellence and provides a platform for its global membership and partners that inspires and informs the actions of decision-makers,” La Camera added. “Innovation Week brings leaders from diverse fields together to share their vision for the energy sector of the future. It is crucial for fostering the innovative ideas that are moving the energy transition forward.”
