Pressures on the energy system are not going to relent in the coming decades. A new global energy economy is emerging, but the transformation still has a long way to go The direction of travel is a long way from alignment with the IEA’s landmark Net Zero Emissions by 2050 Scenario (NZE 1), published in May 2021, which charts a narrow but achievable roadmap to a 1.5 ☌ stabilisation in rising global temperatures and the achievement of other energy-related sustainable development goals. Progress towards universal energy access has stalled, especially in sub-Saharan Africa. Public spending on sustainable energy in economic recovery packages has only mobilised around one-third of the investment required to jolt the energy system onto a new set of rails, with the largest shortfall in developing economies that continue to face a pressing public health crisis. Largely for this reason, it is also seeing the second-largest annual increase in CO 2 emissions in history. For all the advances being made by renewables and electric mobility, 2021 is seeing a large rebound in coal and oil use. The rapid but uneven economic recovery from last year’s Covid-induced recession is putting major strains on parts of today’s energy system, sparking sharp price rises in natural gas, coal and electricity markets. Clean energy technology is becoming a major new area for investment and employment – and a dynamic arena for international collaboration and competition.Īt the moment, however, every data point showing the speed of change in energy can be countered by another showing the stubbornness of the status quo.
In most markets, solar PV or wind now represents the cheapest available source of new electricity generation. Its emergence is the product of a virtuous circle of policy action and technology innovation, and its momentum is now sustained by lower costs. The new energy economy will be more electrified, efficient, interconnected and clean. In 2020, even while economies bent under the weight of Covid-19 lockdowns, renewable sources of energy such as wind and solar PV continued to grow rapidly, and electric vehicles set new sales records.
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