In June the Renewable Energy Agency (IRENA) published a working paper explaining how leveraging on innovation can accelerate the energy transition. According to the study, the shift is already taking place but it is not fast enough to turn the global energy system from fossil-based to zero-carbon by 2050.

To keep the world’s temperature growth below 2°C by 2030, energy efficiency, electrification and renewable energy technologies are decisive. In the best case scenario, the energy-related C02 emissions would fall to 25,5 Gt in 2030 thus achieving the 2°C goal. The further step will be reaching a level of 10 Gt CO2 emissions by 2050; in this case half of the reduction would come from renewable energy technologies.
There is no doubt that innovation is the driver of all this: it does allow to make the renewable energies costs competitive when compared to fossil fuels, whose prices are distorted by subsidies and do not reflect drawbacks on health and global climate. Therefore, renewable energies represent a “win-win-win” solution: not only they are able to fight climate change but also they promote wealth and social inclusion. However, to make them a real and successful solution, the governments’ intervention is fundamental: long term-policies to facilitate and stimulate the adoption of clean energies are key to reach the critical mass needed.

Finally, as highlighted by the working paper, if the energy system decarbonization goal is to be reached by 2050, we need further investments and financial resources. But then it’s always essential to look at all enabling conditions, with policies, markets, business models and regulations included. It should be firmly clear that to focus only on the technological part will never be enough.
Read the full working paper here: http://www.irena.org/menu/index.aspx?mnu=Subcat&PriMenuID=36&CatID=141&SubcatID=3864