IEA Report to CEM says Clean Energy Progress not Ambitious Enough to Remain within 2 Degree Scenario
25 April 2012: The International Energy Agency has launched a report, titled “Tracking Clean Energy Progress,” at the third Clean Energy Ministerial (CEM). The report is an excerpt of the publication “Energy Technologies Perspectives 2012,” which is scheduled to be launched in June 2012.
Focusing on the energy sector's contribution to the IEA's two degree climate change scenario, the report documents the development and deployment of clean energy and energy-efficient technology in power generation, industry, buildings, transport, and describes progress in carbon capture and storage. It accomplishes this via an analysis of factors influencing clean energy deployment, listed as: technological progress; market development; institutional, regulatory and legal frameworks; and societal acceptance. While the report finds that progress has been made on development and deployment of clean energy, the current rate will not be enough to limit global warming to two degrees Celsius.
The second part of the report deals with financing clean energy, noting that US$24 trillion is needed in further investments by 2050 in the two degree scenario. In this light, the report calls for a drastic increase in investments, recommending that governments provide legislative or tax credit support and insurance and other guarantees in relation to investment risk. Furthermore the report recommends that policymakers build on CEM initiatives to increase the level of international cooperation on clean energy, and encourage national clean energy technology targets coupled with appropriate energy financing models. The report notes that, for these efforts to be successful, work on energy efficiency, including strengthening their commitments to the IEA's 25 Energy Efficiency Policy Recommendations, will be key, as well as accelerated energy innovation, research, development and deployment. [Press Release] [Publication: Tracking Clean Energy Progress] [IISD RS Summary of IEA Paper on Energy Efficiency Progress]