The Electricity Sector and the Climate Challenge
In the past few years, investment in renewable electricity technologies has been hampered by a lack of clear policy frameworks, cuts to public sector budgets, and problematic market frameworks.
However the cost of renewable technologies is decreasing to competitive levels, and new technological and market advances have helped to overcome the challenge of intermittency. Change is already happening and renewable energy has a promising future.
*International Energy Agency, “World Energy Outlook 2014”
Today, electricity is produced mainly from fossil fuels (67%)*. To stay under the 2˚C limit, we need to deeply decarbonise our power system. By 2030, the global electricity mix needs to include at least 30% renewable energy in order to reduce CO2 emissions by 61%*.
In 2012, renewable electricity made up around 20% of our global energy supply. Approximately half of this was generated by solar and wind. Energy demand is forecast to grow significantly as we approach 2030. In order to achieve the 30% target for renewables in the energy mix, we need to scale up the deployment of mature technologies to achieve 1TW of renewable energy capacity by 2020.