According to an IEA analysis, the global switch to sustainable energy is irreversible

 According to an IEA analysis, the global switch to sustainable energy is irreversible

According to a recent analysis, the global transition from fossil fuels to renewable energy is "unstoppable," but it is not occurring fast enough.

The international energy watchdog, the International Energy Agency, projected that by 2030, 50% of the world's power will come from renewable sources.

However, it issued a warning that emissions were too high to stop the temperature from going past a crucial 1.5C barrier.

Additionally, the research recommended halving investment in fossil fuels.

What is net zero and what is the UK's and other nations' performance?

record increase in days over the crucial 1.5C warming threshold

The Tuesday-released report from the Paris-based energy organization wasn't entirely depressing. It acknowledged the noteworthy advancements produced by nations in boosting renewable energy and assisting customers in switching to electric cars and heat pumps from gas boilers.

The study praised the "impressive" advancements in sustainable energy and technology. Out of every 25 automobiles sold in 2020, one was electric. After only three years, this percentage has increased to one in five.

"The world is moving toward sustainable energy, and this trend cannot be stopped. "The sooner the better for all of us; it's not a question of 'if,' but rather 'how soon.'" said Fatih Birol, executive director of the International Energy Agency (IEA).

The study acknowledged that continuing investment was "essential" and that oil and gas will continue to play a role in the global economy. However, it said that funding levels were now twice as high as they need to be.

"Governments, businesses and their shareholders need to get behind the transition to renewable energy rather than inhibiting them," Birol said.

"Claims that oil and gas represent reliable or secure choices for the world's energy as well as climate future look weaker than ever," Mr. Birol said, perhaps criticizing the UK and other countries for their plans to build additional oil fields.

Much debate surrounded the approval of Rosebank oil field off the Scottish coast earlier this year. Protesters for the environment said that the decision did not align with UK climate change policies. However, the government's energy minister, Claire Coutinho, indicated at the time that "[The government] will keep on backing the UK's oil and gas industry as it supports our energy security".

In reaction to the IEA research, a representative for the Department of Energy Security as well as Net Zero said that the autonomous Climate Change Committee acknowledged that oil and gas will remain a component of the UK's energy mix as the country moves toward net zero.

Because of our continued dependence on fossil fuels, the average global temperature is expected to climb by 2.4C by the year 2100.

This is in contrast to the 2015 commitment made by world leaders to prevent the most catastrophic effects of climate change by keeping temperature increases "well below" 2C and to do all in their power to keep them below 1.5C.

record increase in days over the crucial 1.5C warming threshold

At the UN climate meeting, COP28, which takes place in Dubai at the end of November, world leaders are expected to make further promises to combat climate change, perhaps including a decision to phase out "unabated" fossil fuels. The term "abatement" describes technologies that, although not yet widely accessible, have the potential to absorb the emissions that arise from burning fossil fuels.

Concerns over the Middle East were also expressed in the IEA study. The organization said that the effect that escalating tensions will have on global energy markets was still unclear. However, the IEA cautioned that it will add to the already unstable global economy since 67% of the world's oil reserves are found in Middle Eastern nations like Saudi Arabia and Iran.

The study made comparisons to the 1973 oil crisis, in which Western backing for Israel during the Yom Kippur War against Arab nations headed by Egypt and Syria prompted Arab oil producers to impose an embargo. Petrol prices surged as a consequence, which had a domino effect on high unemployment and inflation.

According to the IEA, the effects of unpredictable gas prices are being felt globally at this time as well. After the invasion of Ukraine, the UK expanded its LNG imports in an effort to lessen its dependency on Russian gas, and now 14% of the UK's gas comes from LNG provided by Qatar.

However, the organization believed that the development and growth of wind and solar energy would provide a long-term remedy for energy unpredictability.