Pillaring the Energy Transition – Supporting Renewables for a Sustainable Energy Future
Why supporting Renewable Energy?
MEXICO CITY. Renewable energy is a “turnout” towards a sustainable and clean energy future. Renewables [and energy efficiency] are essential elements in achieving ambitious climate mitigation targets; a renewable energy based system is the only way we can secure energy for all while avoiding environmental catastrophe.
The current global context – high levels of investments, increasingly expanding market development and cost reductions for renewable energy technologies - allows to conceive a future where renewable energy powers global sustainable development.
The International Renewable Energy Agency (IRENA, 2014) suggests that doubling the share of renewables in the global energy mix by 2030 is realistic, if the necessary actions are taken now . This level of renewable energy deployment, together with stronger energy efficiency improvements, could reduce CO2 emissions in line with a maximum 2°C global temperature rise[a]; the level at which scientist believe with high certainty dangerous climate change can be avoided.
Achieving higher shares of renewable energy will require higher integration of national and international efforts and cooperation starting now and continuing over long term future. These include adopting supporting policy frameworks that provide a sustainable regulatory, economic and financial environment for a faster growing market penetration of renewable energy technologies. That is, reforming climate, energy and financial policies[b].
Adopting pro-renewable energy policies not only pose the benefit of fostering increasing cleaner energy installed capacity and generation, but also origin co-benefits such as energy security and diversity, sustainable economic growth, employment generation[c] and affordable and modern energy access.
Supporting renewables is a way to balance the energy playing field against fossil-fuel energy giants and to correct market and/or regulatory failures; a way to facilitate and strengthen the confidence of new investors by providing more stable, transparent and inclusive marketplace opportunities and attract the right level of investments for a transition to a clean and sustainable energy future.