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Publication - World Energy Transitions Outlook 2024

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Title
World Energy Transitions Outlook 2024
Publisher
IRENA
Author
IRENA
Published in
November 2024
Abstract
Despite the commitments made at COP28 in Dubai in 2023 – including the call on parties to triple renewable power capacity and double the rate of energy efficiency improvement by 2030 – and new initiatives from both the G20 and G7, the energy transition remains off track. Fossil fuels continue to dominate the energy mix in major economies, and each year the chances of meeting the goals of the Paris Agreement become increasingly remote.

The success achieved this decade in reducing greenhouse gas emissions will determine whether global temperature rise can be limited to 1.5°C of pre-industrial levels this century. IRENA’s 1.5°C Scenario, set out in the World Energy Transitions Outlook, presents a pathway to achieve the 1.5°C target by 2050, positioning electrification and efficiency as key transition drivers, enabled by renewable energy, clean hydrogen and sustainable biomass.

The 2024 Outlook provides an overview of progress by tracking implementation and gaps across all energy sectors, and identifies priority areas and actions based on available technologies that must be realised by 2030 to achieve net zero emissions by mid-century.

The report identifies three key pillars that form the foundations for the actions needed to realign the global energy transition with climate objectives: building the necessary infrastructure; advancing a policy and regulatory architecture that can facilitate targeted investments, and improve socio-economic and environmental outcomes; and the strategic realignment of institutional capacities to help ensure that skills and capabilities match an energy system that integrates a high share of renewables.
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