Renewable energy made up half of world's new power plants in 2014: IEANov 10 - Guardian Web
Renewable energy accounted for almost half of all new power plants in 2014, representing a “clear sign that an energy transition is underway”, according to the International Energy Agency (IEA). Green energy is now the second-largest generator of electricity in the world, after coal, and is set to overtake the dirtiest fossil fuel in the early 2030s, said the IEA’s World Energy Outlook 2015 report , published on Tuesday. The rapid rise of renewables will lead to a dramatic slowdown in the growth of carbon emissions, the IEA said. But, just weeks ahead of a crunch UN climate change summit in Paris, the IEA warned that the world was still on course for 2.7C of global warming, significantly above the 2C considered to be the threshold of dangerous warming. “A major course correction is still required to achieve the world’s agreed climate goal,” said the IEA report. “World leaders meeting in Paris must set a clear direction for the accelerated transformation of the global energy sector,” said IEA executive director, Fatih Birol . The IEA projects “turbulent times” ahead for coal: “Coal has increased its share of the global energy mix from 23% in 2000 to 29% today, but the momentum behind coal’s surge is ebbing away and the fuel faces a reversal of fortune.” The report expects coal use in China to plateau at close to today’s levels, after decades of fast growth. “From a position as a perceived safe bet, China is becoming the wild card of coal markets,” said the report. But coal demand is set to triple in India and south-east Asia by 2040. Related: How the world uses coal – interactive On oil, the IEA warns that while an extended period of current low prices would benefit consumers, it would trigger concerns about energy security. Low prices benefits those states with oil that is cheap to extract, like those in the Middle East , but forces more expensive suppliers, such as Canadian tar sands, out of the market. This concentrates supply in a smaller number of countries. “Reliance on Middle East oil exports eventually escalates to a level last seen in the 1970s,” said the report. “Such a concentration of global supply would be accompanied by elevated concerns about energy security.” Birol said: “Now is not the time to relax. Quite the opposite: a period of low oil prices is the moment to reinforce our capacity to deal with future energy security threats.” A prolonged period of lower oil prices could also undercut programmes to increase energy efficiency, “a crucial pillar of the energy transition” according to the IEA. “Diminished incentives and longer payback periods mean that 15% of the energy savings are lost in a low oil price scenario,” said the IEA report. The IEA has been criticised in the past for underestimating the speed of renewable deployment and Emily Rochon , global energy strategist at Greenpeace International , said: “The impossible is becoming possible. The global breakthrough of renewable energy has happened much faster than anticipated. “The IEA is catching up on renewable energy trends, but it is still failing to see the full potential of change. We believe that with the right level of policy support, the world can deliver 100% renewable energy for all by 2050.” |