Wind generation, hydropower, gas and batteries all need more development, an IEA report says.
on 24th May 2018 The Paris climate target is for the world to achieve a two-degree reduction in temperatures below pre-industrial levels.
However, there are only 4 out of 38 sustainable energy technologies that are on track to meeting Paris Climate change emission goals according to the International Energy Agency (IEA)
These 4 are:
Solar panels
LED lights
Electric vehicles
Electrical vehicle sales has increased by 54% over the past year, with 3 mil vehicles in operation. This still only accounts for less than 1% of total automobiles however.
Data centre energy management technology
"Energy efficiency improvements, for example, have slowed and progress on key technologies like carbon capture and storage remains stalled. This contributed to an increase in global energy-related CO2 emissions of 1.4 per cent last year," - IEA
Both coal power and geothermal are not on track to meeting the sustanabiliy goals
This increases the social cost (environmental pollution) of providing power, resulting in market failure
As coal usage is not being reduced, this still greatly depletes an non-renewable resource
The power sector currently accounts for 42 per cent of all carbon emissions worldwide.
Emissions grew by 2.6% in 2017
However needs to reduce by 5,6%/ annum until 2030 to reach goals
Other forms of energy production, such as wind generators, hydropower are lacking, and gas and batteries are behind efficiency development schedule.
"This failure to move effectively towards the Paris targets was also driven by a decline in investment in the power sector, down about 5 per cent in 2017 to $US760 billion globally. Investment in renewables coming online last year was around $US300 billion, down almost 7 per cent compared to 2016."
Due to the low prices of energy in recent years, there is a lack of motivation to develop new ways of energy generation. This, combined with weak global government policy has slowed progress towards lower emmisions.
In order to be on track, renewable energy will need to account for a third of total energy production.
This will reduce the negative externalities generated from creating power as it reduces CO2 emissions into the air
Therefore, by preserving the natural environment, this can expand the PPF in the long run
