These adjustments are made to better represent the call in the Paris Agreement for developed countries to take the lead in reducing emissions, the challenges related to stranded assets in 1.5°C compatible transitions (particularly in the developing world), and the current geopolitical context in the aftermath of the fossil gas price crisis. [...] Climate Action Tracker | Paris-aligned benchmarks for the power sector 10 Gas power share in total electricity generation % Given the climatic, economic and health risks of gas generation, and the challenges facing fossil CCS in the power sector, the CAT argues that the world should aim to phase out fossil gas generation by 2040 at the latest and avoid betting on CCS to enable continued fossil gas. [...] In the case of Brazil, the high share of renewables is mainly due to the existing dominance of hydroelectricity in the system, which means that almost 90% of electricity was renewable in 2022. [...] Recent policy developments such as the Inflation Reduction Act in the USA and the REPowerEU strategy in Europe are targeting shares of renewables in 2030 that would break with historical precedent9 and further close the ambition gap – showing that the future does not have to be constrained by the past. [...] Power sector decarbonisation over the next decade will be a function of the ambition of policies to support renewables rollout, the scale (and geographical distribution) of investment mobilised, and the rate at which the manufacturing base for wind and solar is upscaled (IEA 2023d).
Authors
- Pages
- 35
- Published in
- Germany
