The cost of recovery
Spoiler alert: it is more than just money…
Nowadays the world's energy system is evolving at a fast pace, but more needs to be done since current progress lags our global climate ambitions to keep a global temperature rise this century well below 2 degrees Celsius. According to the UN's International Renewable Energy Agency (IRENA), if we want to meet this goal "annual energy-related CO2 emissions need to decline 70% below today's levels by 2050". Also, IRENA is telling us that renewables and energy efficiency can provide 90% of the necessary CO2 energy-related reductions.
Of course, we are thinking about the generation of renewable energies, but it is crucial that we also think about what happens after the energy is generated: Transmission and Distribution. This is why policymakers matter; because we need to also enhance the actual grid to support and integrate the growing percentage of renewables and distributed energy systems.
Reducing emissions well below two degrees under our clean electricity and green hydrogen pathway requires between $78 trillion and $130 trillion of new investment between now and 2050.
BloomberNEF, 2020
This is a lot of money and that is why tough and influential policy leadership will be crucial. The generation of renewables will not be the constraint to solve the problem: we have the scientific knowledge, the technology, the financial means, and human resourcefulness to tackle climate change. As LM Wind Power's VP of Engineering, Hanif Mashal said: "The private sector is ready to flatten the emissions curve — what we need to succeed is leadership and global political will."
As we say in Costa Rica, "the ball is in our side". We have now to decide what people we want to lead us in this political revolution.
-Charlie!
Referencias:
- BloombergNEF (2020). "New Energy Outlook: Executive Summary".
- International Renewable Energy Agency (2019). "How to transform the energy system and reduce carbon emissions"
- United Nations Climate Change (2019). "The Paris Agreement"