Beyond MWs: The wider dimensions of the transition
The technologies for a global energy transformation exist today. Amid the ongoing pandemic, renewables have shown great resilience. Renewables now are the first-choice option for expanding, upgrading and modernising power systems around the world, and are playing a fundamental role in the world’s ongoing energy transformation. Countries are increasingly committing to net-zero targets where renewables are certain to play a dominant role.
The ongoing energy transition, however, cannot be considered in isolation, separate from the socio-economic system in which it is deployed. The 2021 edition of World Energy Transition Outlook: 1.5 degree pathway emphasises that reaching the net zero target will not only reduce carbon emissions, it will improve lives, create jobs, achieve development goals, and ensure a cleaner and more prosperous future. IRENA’s Leveraging Local Capacity series shows how renewables can create jobs with diverse occupations and skills along the value chain. Understanding the socio-economic impacts of the energy transition is essential to optimise the outcome and reap benefits. If well understood and planned, structural socio-economic changes will improve the outcome of the transition and further accelerate the transition.
This session will discuss a set of holistic measures that can inform energy system planning, economic policy making and other policies necessary to maximise the benefits and ensure a just and inclusive energy transition at global, regional and national levels. The session will also present IRENA’s findings on the topic, including an updated analysis on social welfare.