Thursday, 29 October 2015

ENERGY SECTOR REQUIRES $13.5 TRILLION INVESTMENT TO TACKLE EMISSION

Over 150 countries representing 90 per cent of global economic activity and nearly 90 per cent of global energy-related Greenhouse Gas (GHG) emissions have submitted pledges to reduce emissions.

The International Energy Agency (IEA) said that the full implementation of these pledges would require the energy sector to invest $13.5 trillion in energy efficiency and low-carbon technologies from 2015 to 2030, an annual average of $840 billion.

IEA said World Energy Outlook special briefing that despite these efforts, the pledges still fall short of the major course correction necessary to achieve the globally agreed climate goal of limiting average global temperature rise to 2 degrees Celsius, relative to pre-industrial levels.

The special briefing finds that all of the submissions take into account energy sector emissions and many include specific targets or actions to address them.  “If these pledges are met, then countries currently accounting for more than half of global economic activity will see their energy-related greenhouse gas emissions either plateau or be in decline by 2030.

Global energy intensity, a measure of energy use per unit of economic output, would improve to 2030 at a rate almost three times faster than the rate seen since 2000. In the power sector, 70 per cent of additional electricity generation to 2030 would be low-carbon. Significantly, the power sector – the world’s largest source of energy-related carbon-dioxide (CO2) emissions – sees emissions plateau at close to today’s levels, effectively breaking the link between rising electricity demand and rising related CO2 emissions”, it noted.

It added that achieving the ultimate climate goal will also hinge critically on innovation in the energy sector and on the deployment of new and emerging energy sector technologies that have the potential to deliver the transformational change needed to achieve deep levels of decarbonisation in the decades to come. (guardian)