IRENA unveils report on next stage of global energy transformation

The International Renewable Energy Agency (IRENA) has released their report on the usage of renewable resources in Brussels. IRENA’s Director-General Adnan Z. Amin has presented the report in the presence of EU Energy and Climate Action Commissioner Miguel Arias Cañete at an official launch event hosted by the European Commission.

The report “Innovation Landscape for a Renewable-Powered Future: solutions to integrate variable renewables” contains the most in-depth assessment of the power sector transformation, to date. It shows how synergies between different innovative solutions in business models, market design, enabling technologies and system operation are lowering the cost of integrating high shares of variable renewable energy (VRE), while making energy production, transmission and consumption more flexible and empowering a new generation of energy consumers.

Decarbonising the global power sector in line with the Paris Agreement objectives will require an 85% share of renewable energy in total electricity generation by 2050, IRENA’s 2050 Roadmap estimates. By then, variable renewables would account for 60% of the total power generated globally. Moving to a new phase where the massive but cost-effective scale-up of renewables power is crucial, the power sector transformation is strongly accelerated by innovation trends in digitalization, decentralization and electrification of the end-use sectors. Understanding and learning from the experiences from leading countries in VRE integration is crucial to replicate and enhance innovation that can accelerate this transformation. With close to 15% of VRE share in annual electricity generation today, the EU has the highest levels of variable renewables in power systems globally.

According to IRENA Director-General Adnan Z. Amin, “Europe has shown tremendous leadership in initiating the system-wide innovations needed to support the widespread adoption of renewables and decarbonise the global economy. The region’s success shows us that innovation is creating an energy transformation that is technically feasible and economically attractive. Innovation is the engine powering the energy transition and the global pace of innovation is accelerating. IRENA’s new report will provide a clear, navigable and comprehensive guide on innovations being piloted around the world, aiming to support informed decision-making by all countries to deploy low-cost renewables and accelerate the global energy transition further.”

EU Commissioner for Energy and Climate Action Miguel Arias Cañete reiterated the importance of renewable energy in helping the region to meet its climate objectives, “The EU has already started the modernization and transformation towards a climate neutral economy. Implementing the EU’s Clean Energy package will further boost innovation, and the EU can continue to show leadership and support the rest of the world by exporting innovative solutions in the fight against climate change. Innovation is central to our efforts, and this report from IRENA is a valuable contribution to become the world's first major economy to go climate neutral by 2050.”