The International Energy Agency (IEA) predicts that by 2030, more than half of the world’s electricity will be generated from low-emission sources such as solar and wind power. IEA executive director Fatih Birol stated that the world is entering the Age of Electricity, with clean sources of electricity playing a significant role in the global energy system’s future.
While there is a positive trend towards cleaner energy, the IEA report highlights the increasing global demand for electricity driven by factors such as the rising use of electric vehicles, cooling systems, and data centres necessary for artificial intelligence. China, a key player in the transition to cleaner energy, is leading the way in switching to electric vehicles, with projections indicating that 70 per cent of new car sales in the country by 2030 will be electric.
However, the rapid increase in energy demand poses challenges, especially regarding infrastructure investments. The IEA emphasises the importance of enhancing infrastructure support for renewable energy, as the current ratio of investment is not sufficient to meet growing electricity needs. Despite the growth of renewables, carbon dioxide emissions are not decreasing fast enough, raising concerns about achieving climate goals.
The IEA warns that global climate pollution must decrease annually to align with net-zero goals and prevent further climate change. Tracy Carty from Greenpeace underscores the urgency for governments to take immediate action to avert climate-related disasters in the coming decades. The transition away from fossil fuels is underway globally, with many countries phasing out coal power plants, although challenges remain in addressing oil and gas consumption.
To accelerate the shift towards renewables, experts advocate for increased climate finance, which will be a focal point of discussions at the upcoming UN Cop29 summit in Baku. The need for rich governments to commit to new climate finance goals and hold the fossil fuel industry accountable for their contributions to climate change is crucial in achieving a sustainable energy future.
As the world grapples with the dual challenges of meeting energy demands and combatting climate change, the IEA underscores the importance of immediate and coordinated actions to steer the global energy sector towards a cleaner and more sustainable future.