Quantcast

How COP21 Will Unleash Massive Global Renewable Energy Growth

Business

The latest report from the influential World Resources Institute (WRI), Assessing the Post-2020 Clean Energy Landscapeindicates that we are poised for an exponential growth in renewable energy production after the Paris COP21 climate conference.

According to the report, which analyzes the clean energy plans of eight of the top 10 carbon emitters in the world, the Paris 2015 conference could help double the current market in the next 15 years.

“These new renewable energy targets send strong signals to energy markets and investment circles,” said Jennifer Morgan, global director of the Climate Program, at World Resources Institute.

Assuming these proposed clean energy plans are achieved, total annual renewable electricity generation will increase by nearly four times between now and 2030. This increase is equivalent to all of India’s current energy demand.

Here are some key highlights:

  • China will increase the share of non-fossil fuel in primary energy consumption to around 20 percent by 2030;

  • European Union will achieve at least a 27 percent share of renewable energy consumption by 2030;

  • U.S. will increase the U.S. share of renewables—beyond hydropower—in the electricity generation mix to 20 percent by 2030.

The report also analyzed the current climate plans submitted by all the countries to the UNFCCC, the so-called INDCs. INDCs (intended nationally determined contributions) have been submitted by more than 150 countries and are expected to provide the fundamental plans for a global deal on climate change next month.

Out of the 127 INDCs submitted, 80 percent of them mentioned clean energy: 67 INDCs (53 percent) indicated clean energy targets and 35 INDCs (27 percent) committed to put forward clean energy actions.

This WRI report preceded the release of IEA's "World Energy Outlook 2015," which gives approximately similar projections but with longer targets: Renewables-based generation reaches 50 percent in the EU by 2040, around 30 percent in China and Japan and above 25 percent in the U.S. and India.

"World leaders meeting in Paris must set a clear direction for the accelerated transformation of the global energy sector." Fatih Birol, executive director, IEA.

Unfortunately, according to the IEA these INDCs and current renewables projections for emissions trajectory implies a long-term temperature increase of 2.7C by 2100. Therefore, more must be done to help all the countries accelerate, grow and implement this massive clean energy transition.

YOU MIGHT ALSO LIKE

Corporate and Financial World Are Finally Ready to Take Climate Action

Renewables to Overtake Coal as World’s Largest Power Source, Says IEA

Climate Change Poised to Push 100 Million Into ‘Extreme Poverty’ by 2030

UN Report Measures Significant Progress Ahead of Paris Climate Talks

EcoWatch Daily Newsletter

With well over a billion cars worldwide, electric vehicles are still only a small percentage. An economist from the University of Michigan Energy Institute says that is likely to change. Maskot / Getty Images

In 2018, there were about 5 million electric cars on the road globally. It sounds like a large number, but with well over a billion cars worldwide, electric vehicles are still only a small percentage.

Read More
Nestlé is accelerating its efforts to bring functional, safe and environmentally friendly packaging solutions to the market and to address the global challenge of plastic packaging waste. Nestlé / Flickr / CC BY-NC-ND 2.0

Nestlé, the world's largest food company, said it will invest up to $2 billion to address the plastic waste crisis that it is largely responsible for.

Read More
Sponsored
Determining the effects of media on people's lives requires knowledge of what people are actually seeing and doing on those screens. Vertigo3d / iStock / Getty Images Plus

By Byron Reeves, Nilam Ram and Thomas N. Robinson

There's a lot of talk about digital media. Increasing screen time has created worries about media's impacts on democracy, addiction, depression, relationships, learning, health, privacy and much more. The effects are frequently assumed to be huge, even apocalyptic.

Read More
Indigenous people of various ethnic groups protest calling for demarcation of lands during the closing of the 'Red January - Indigenous Blood', in Paulista Avenue, in São Paulo, Brazil, Jan. 31, 2019. Cris Faga / NurPhoto / Getty Images

By Raphael Tsavkko Garcia

Rarely has something so precious fallen into such unsafe hands. Since Jair Bolsonaro took the Brazilian presidency in 2019, the Amazon, which makes up 10 percent of our planet's biodiversity and absorbs an estimated 5 percent of global carbon emissions, has been hit with a record number of fires and unprecedented deforestation.

Read More
Microsoft's main campus in Redmond, Washington on May 12, 2017. GLENN CHAPMAN / AFP via Getty Images

Microsoft announced ambitious new plans to become carbon negative by 2030 and then go one step further and remove by 2050 all the carbon it has emitted since the company was founded in 1975, according to a company press release.

Read More