Posted on 13 Jul 2023
A new energy economy has emerged, but net zero targets for 2050 will not be achieved without faster change across most of the energy system in most of the world, the Paris-based IEA has said.
In its annual Tracking Clean Energy Progress report released today, the IEA said there has been progress across the board, but that the majority of energy system components analysed are still not on track to reach net zero by 2050 and technology uptake must be adopted in emerging economies outside of China, the US and Europe.
Those three geographies accounted for 95pc of electric car sales in 2022, as global sales hit a record 10mn, nearly a tenfold increase in five years.
Manufacturing capacity for electric vehicle (EV) batteries has progressed and reached a sufficient level to hit forecast demand in 2030 under the IEA's net zero scenario.
Significant advances were seen on renewables, which now account for 30pc of global electricity generation after 340GW were added to global capacity in 2022 and investment in clean energy rose by 15pc from 2021 to $1.6 trillion.
But the report highlighted solar infrastructure and heat pumps as technologies that are still not widespread enough and pointed to heavy industry and long-distance transport as parts of the energy system that still require rapid innovation, due to a lack of available clean energy solutions.
It considers solar photovoltaic (PV) manufacture to be on track under its net zero scenario. PVs generated a record near 1,300TWh last year, a 26pc rise from 2021, and production has been buoyed by government initiatives in China, the US and India. Global manufacture of PVs will more than double in the next five years if announced projects come to fruition, the IEA said.
It said buildings legislation had advanced globally to encourage uptake of heat pumps and low emissions cooling equipment, noting India has enacted policies for appliances, vehicles, industrial facilities and commercial buildings.
The report also noted new technological innovations as markers of progress toward net zero, referencing production of sodium-ion EV batteries, demonstrations of solid oxide electrolysers to produce low-emission hydrogen and innovations for clean aluminium refining and cement-making.
"The clean energy economy is rapidly taking shape, but even faster progress is needed in most areas to meet international energy and climate goals," IEA executive director Fatih Birol said.
"This update of Tracking Clean Energy Progress highlights some very promising developments, underlining both the need and the potential for greater action globally. The extraordinary growth of key technologies like solar and electric cars shows what is possible," he added.
Source:Argus Media
