The global energy transition is off track as the ripple effects of the pandemic and Ukraine crisis have compounded challenges while the pledges and transition plans fall well below the 1.5 degrees Celsius pathway, the International Renewable Energy Agency (IRENA) said.
In a preview of the forthcoming report ‘World Energy Transition Outlook 2023: 1.5 degrees C Pathway’, the Abu Dhabi-based agency said though global investment across energy transition technology hit record high of $1.3 trillion in 2022, the annual investment must increase by more than four times to remain on the pathway.
While the transition requires an estimated $ 150 trillion by 2050, the planned energy scenario stops at $ 103 trillion.
