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Furthermore, the report highlights that sustainable energy initiatives still face “challenges” in the markets.
The energy transition is an increasingly important topic on the global stage, as demand by fossil fuels reaches its peak. According to the International Energy Agency (IEA), demand for oil, coal and natural gas is expected to reach its peak by 2030. This data highlights the need to seek alternative sources of energy. clean energy.
Although the deployment of low-emissions energy sources is growing, the IEA highlights that there are still obstacles to the expansion of the clean energy sector. Inflated costs, bottlenecks in the supply chain and higher financing are some of the challenges faced by clean energy projects.
However, even with the decline in demand for fossil fuels, the IEA report highlights that this does not mean the end of investments in this sector. However, it weakens the case for increasing spending. It is necessary to rethink priorities and direct investments towards the energy transition.
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The IEA uses three scenarios for its forecasts: Declared Policies (STEPS), Announced Promises (APS) and Net Zero Emissions by 2050 (NZE). All scenarios project dynamic growth in clean energy due to political and market stimuli.
It is important to highlight that investment in clean energy is essential to achieve emissions reduction objectives and limit global warming to 1,5 degrees Celsius. However, cutting spending on oil and gas is not enough to achieve these goals. It is critical to increase investments in all aspects of a clean energy system.
Volatility in energy markets highlights the importance of affordable, reliable and resilient supply, especially for developing economies. These economies are responsible for a significant portion of global electricity demand growth, making them more price sensitive and dependent on sustainable energy solutions.
The energy transition requires a joint effort between governments, companies and civil society. It is necessary to invest in research and development of clean energy technologies, promote tax incentives for the use of renewable sources and implement policies that encourage energy efficiency.
In short, demand for fossil fuels is peaking, which drives the need to transition to clean energy sources. Although there are challenges to be overcome, such as high costs and bottlenecks in the supply chain, investment in clean energy is fundamental to achieving emissions reduction goals and building a sustainable future.
