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The report builds on the IEA’s historic roadmap to achieve the net zero goal by 2050 to identify key milestones, challenges and opportunities for G7 members.

New Delhi: G7 members are well positioned to fully decarbonise their electricity supply by 2035, which would accelerate the technological advances and infrastructure deployments needed to drive global energy markets towards net zero emissions of ‘by 2050, according to a new report from the International Energy Agency (IEA) said on Wednesday.

The report was requested by the UK, which holds the G7 presidency this year.

The path mapped out in the report – Achieving Net-Zero Electricity Sectors in G7 Members – highlights how the policy forum can play a pioneering role, igniting innovation and lowering the cost of technology for other countries while maintaining electrical safety and by placing people at the heart of energy transitions.

The report builds on the IEA’s historic roadmap to achieve net zero by 2050 to identify key milestones, challenges and opportunities for G7 members. A follow-up to the G7 summit in June, it is designed to inform discussions at the COP26 Climate Change Conference in Glasgow, of which the UK also chairs.

At the G7 summit, the leaders of Canada, Germany, France, Italy, Japan, the United Kingdom and the United States – as well as the European Union – pledged to achieve to a “massively carbon-free” electricity system in the 2030s and to net zero emissions in all of their economies by 2050 at the latest.

The G7 now accounts for nearly 40% of the global economy, 36% of global electricity generation capacity, 30% of global energy demand, and 25% of global carbon dioxide (CO2) emissions. energy.

Its clean energy transition is already underway, with coal giving way to cleaner options. The electricity sector now accounts for one-third of the G7’s energy-related emissions, up from a peak of nearly two-fifths in 2007.

In 2020, natural gas and renewables were the main sources of electricity for the G7, each providing around 30% of the total, with nuclear power and coal accounting for almost 20% each.

Achieving net zero electricity emissions would require completing the phase-out of coal while simultaneously developing low-emission sources of electricity, including renewables, nuclear, hydrogen and ammonia.

According to the IEA’s trajectory towards net zero by 2050, renewable energies must provide 60% of the G7 electricity supply by 2030, while under current policies they are on the way to ‘reach 48%.

The G7 has the opportunity to demonstrate that power systems with 100 percent renewable energy during specific times of the year and in certain places can be safe and affordable.

At the same time, increased reliance on renewables is forcing the G7 to lead the way in finding solutions to maintain electrical security, including seasonal storage and more flexible and robust grids.

On IEA’s path to net zero by 2050, innovation will reduce emissions from the G7 electricity sector by 30% by 2050, which will require international collaboration that will also create technological leadership opportunities for G7 countries.

Mature technologies like hydropower and light water nuclear reactors only contribute about 15% of the IEA pathway reductions. About 55% comes from the deployment of technologies that still have huge room for improvement, such as onshore wind and solar PV, or in early adoption phase, such as heat pumps and battery storage.

Technologies still in development, such as floating offshore wind, carbon capture and hydrogen, would provide an additional 30%.

The new report stresses that people must be placed at the center of all transitions to clean electricity. Decarbonizing electricity could create up to 2.6 million jobs in the G7 over the next decade, but up to 3,000,000 jobs could be lost in fossil-fueled power plants, with deep local impacts that require strong and sustained political attention to minimize negative impacts on individuals and communities.

Household energy spending is expected to decline by 2050, as higher electricity spending is more than offset by lower spending on coal, natural gas and petroleum products.

Governments must promote efficiency gains and structure energy prices for consumers and businesses so that all households can benefit from these cost savings.

“G7 members have the financial and technological means to reduce their emissions from the electricity sector to net zero in the 2030s, which will create many benefits for the clean energy transitions of other countries and will boost global efforts to achieve net zero emissions. by 2050, ”said IEA Executive Director Fatih Birol.

“G7 leadership in this crucial endeavor would demonstrate that reaching the electricity sectors with net zero emissions is both feasible and beneficial, and would also lead to new innovations that can benefit businesses and consumers. “

“In this critical year for climate action ahead of COP26, I welcome this report, which sets out a roadmap for the G7 to deliver on the commitment made earlier this year to accelerate the transition from coal to coal. ‘clean energy,’ said the president of COP26. Designate Alok Sharma.

“The report also highlights the tremendous opportunities for jobs and growth this decade could bring, from scaling up renewables and improving energy efficiency to driving digital solutions and building energy efficiency. deployment of critical technologies. “

–IANS

vg / shb / dpb


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