Transforming the energy system: and holding the line on rising global temperatures
In response to the threat of climate change, countries around the world have pledged to invest in low-carbon energy. National plans and investment patterns, however, show a stark mismatch with the pathway to meet the commitments set out in the Paris Agreement, which would keep the rise in global temperatures well below 2 degrees (oC) and ideally hold the line at 1.5oC. At least USD 95 trillion worth of energy investments are planned worldwide until mid-century. But those plans and related investments are not always channelled toward climate proof systems. This report from the International Renewable Energy Agency (IRENA) explores two broad future paths: Current Plans (meaning the course set by current and planned policies); and the path for a clean, climate-resilient Energy Transformation.