The International Renewable Energy Agency (IRENA) released a preview of its World Energy Transitions Outlook for 2023.

In this preview report, they share the vision for the transition of the energy landscape required to meet the Paris Agreement’s goal: keeping global warming under a 2°C increase and bringing CO2 emissions to net zero by mid-century. They report that investments in clean energy will need to accelerate radically to reach this as the energy transition is off-track, with current trends in energy generation falling well short of IRENA’s 1.5°C pathway, resulting in a projected emissions gap of 16 gigatonnes (Gt) in 2050.

Although global investment across all energy transition technologies reached a record high in 2022, annual investment has to more than quadruple to remain on the 1.5°C pathway, and to stay on track, they project global solar PV additions will need to increase from 191 GW per year to 551 GW per year.

IRENA predicts that by 2050, most of the world’s power will be generated from renewable sources. Greenwood Sustainable Infrastructure (GSI) is proud to play its part in the transition.

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