A recent report from the International Renewable Energy Agency (IRENA) says transitioning to renewable sources of energy may not be enough to rid the world of its reliance on fossil fuels. While eliminating fossil fuels from the global energy mix will be critical to cutting greenhouse gas emissions and arresting climate change, the IRENA report notes that simply transitioning to renewables won’t be enough to achieve this goal.
According to the agency, the renewable energy transition must be accompanied by widespread electrification to truly have an impact.
Countless industries that play a key role in the global economy run almost entirely on fossil fuels. Manufacturing, electricity generation, heating, transport, and other industries currently rely on oil, natural gas, and other fossil fuels. Even if the amount of clean energy generated across the globe ultimately surpasses fossil fuel production, these industries will still need fossil fuels to continue operating, IRENA says.
As such, investments in renewable energy production should be paired with extensive electrification to ensure such industries are ready to transition to clean energy. The report outlines three critical areas in the transition from fossil fuels: renewables, electrification, and grid enhancement.
These three factors are intrinsically tied to a successful renewable transition and will require equal attention and investment to ensure the world can truly benefit from clean energy. For instance, cutting oil production may not be quite as effective if there are millions of internal combustion engine cars that still need gas to run.
Similarly, building a fleet of battery electric cars (BEVs) may not have the intended impact if the grid isn’t enhanced and modernized enough to handle the surge in energy demand. Only by combining the renewable transition with electrification and grid modernization can the world truly enjoy the benefits of ditching fossil fuels.
For transport, this means developing electric cars, modernizing the electricity grid, and generating enough clean energy to run the ecosystem. Several other key industries like manufacturing and real estate will also have to invest in electrification and energy storage to aid in reducing energy emissions and bringing the world closer to zero-emission goals.
IRENA notes that the world will require a robust mix of improved energy efficiency, increased energy storage capacity, and enhanced grids for electricity to make up 35% of worldwide energy consumption by the end of the decade and 50% by mid-century. For the world to achieve this goal, the agency says, we will have to double annual electricity grid investments from $500 billion to $1 trillion through the next decade and increase energy storage capacity from 416 gigawatts last year to 2,530 gigawatts by decade-end.
As companies like Frontieras North America Inc. continue with their programs of coming up with more sustainable ways to use traditional fuel sources like coal, the multi-sector transition that IRENA calls for will become easier to achieve.
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