In a new report of the International Energy Agency (IEA) consider that in order to achieve the goals imposed by both Europe as by countries to achieve zero emissions, it is necessary to triple the investment that is being carried out in clean energies.
The IEA assures that the world is not investing enough to meet its future energy needs, and uncertainties about policies and demand trajectories create a strong risk of a volatile period in the future for energy markets.
The fact is that, although spending related to the transition is gradually recovering, it is still well below what is required to meet the growing demand for energy services in a sustainable way.
Solar and photovoltaic energy supported by nuclear
In order to achieve the objective set by the different countries, the IEA includes in its report that it will be a massive extra push needed for clean electrification, which requires doubling the deployment of Photovoltaic Solar Energy and wind, as well as a major expansion of another low-emission generation, including the use of nuclear energy when acceptable.
In addition, it will be necessary to reduce methane emissions from fossil fuel operations. The rapid reductions in methane emissions are a key tool for limit short-term global warming, and the most profitable reduction opportunities are in the energy sector, particularly in oil and gas operations.
Therefore, efforts to achieve zero emissions targets involve innovation and increase in clean energy sources to achieve the transition to a cleaner world and trying to curb harmful emissions.
The IEA ensures that most of the investment in energy related to the transition should be made by private developers, consumers and financiers that respond to market signals and policies established by governments.
What’s more, electricity accounts for a growing share of household energy bills, so the governments must ensure electricity markets are resilient encouraging investments in flexibility, efficiency and response to demand.
It is not the first time that the IEA has reported on the investments should be carried out to achieve the stated objectives. And it is that, to achieve the zero emissions plan, it is also necessary to occupy part of the expenditure in the increased production of green hydrogen, that is done through renewable energies.