Global energy-related carbon dioxide (CO2) emissions can be reduced by 70% by 2050 and completely phased-out by 2060 with a net positive economic outlook, according to new findings released today by the International Renewable Energy Agency (IRENA).
The report uses a base of 12 GW of geothermal in 2015 and projects an increase to between 36 GW and 126 GW by 2030 and between 63 GW and 283 GW by 2050.
In the 66% 2°C Scenario, renewable energy technologies taken together would account for about 60% of CO2 emissions reduction to 2050 relative to the New Policies Scenario in the power sector (see figure above). Solar PV and wind power, in particular, extend well beyond the New Policies Scenario, each accounting for about one-fifth of the total CO2 emissions reduction from the power sector. The projections of the 66% 2°C Scenario build on recent momentum for solar PV and wind power technologies, namely driven by policy support and related cost reductions, but also due to their modular nature and short installation periods, which facilitate a rapid uptake.
Additional use of hydropower, bioenergy, geothermal and concentrated solar power (CSP) contributes further to emissions reductions. Nuclear and CCS-equipped power plants account for the remaining one-quarter of emissions reduction by 2050 in the 66% 2°C Scenario, compared with the New Policies Scenario. The full report can be downloaded here.......
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