The International Renewable Energy Agency (IRENA) has stressed the critical role of innovation in facilitating the widespread adoption of cost-effective renewables and their integration into global energy systems. IRENA's World Energy Transitions Outlook has specifically called for a threefold increase in annual renewable power installations by 2030. It also advocates for a significant uptick in renewable utilization across industries, buildings, and transportation, aligning with the goals of the Paris Agreement and the United Nations Sustainable Development Goals.
According to Francesco La Camera, Director-General of IRENA, “Innovation holds the key to advance the ongoing transition of the global energy system to meet increasingly urgent climate objectives.” La Camera pointed out that governments, at the forthcoming Conference of Parties (COP) 28 in Dubai, will need to define plans aimed at accelerating decarbonization efforts. “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,” he added.
See also: IRENA Calls for Global Embrace of Biofuels, Hydropower, and Geothermal Energy Beyond Solar and Wind
Electrifying various sectors with renewables not only proves cost-effective but also bolsters supply security and mitigates risks associated with volatile fuel prices seen in recent years.
IRENA's 1.5°C scenario envisions that by the middle of the century, direct and indirect electricity, including hydrogen, will satisfy nearly two-thirds of the global energy demand. La Camera emphasized that realizing this vision will necessitate annual investments of up to “$1 trillion in technologies and infrastructure.” He stressed the importance of a well-considered and systematic approach to technology, business models, market design, and system operation to avoid constraints in energy systems, which could result in substantial additional infrastructure costs.
La Camera also underscored the significance of IRENA's flagship event, stating that it “provides a platform for its global membership and partners that inspires and informs the actions of decision-makers.” He noted that Innovation Week brings together leaders from diverse fields to “share their vision for the energy sector of the future,” which is pivotal for advancing the ongoing energy transition.
