Yasmine Arsalane is a Senior Power Sector Analyst at the International Energy Agency (IEA) and one of the key authors of their World Energy Outlook, the IEA’s flagship report that was just released on the 27th October. This year the report used the latest energy data and market developments, to explore key questions about the global energy crisis and how we can overcome it and stay on track to limit global warming to 1.5 degrees celsius. Yasmine is the lead on economic outlook for power for the report and today will be sharing some of the key insights of the 524-page report.
We are currently in the midst of what Yasmine refers to as the “first truly global energy crisis.” Today we are approaching 100% of countries hitting high inflation levels. However, one important difference from the energy crisis of the 1970s is that governments and companies have more tools at their disposal - mainly in the form of clean energy technology - to better navigate these complexities.
Clean energy investment will hit USD 2 million by the end of the decade under the IEA’s stated policy scenario. In the net zero scenario, this will hit USD 4 million.
By the end of this decade, we will be producing more electricity from clean energy than from fossil fuels - “This is another major turning point.”
And we will soon experience a pivotal moment in energy history. Since the start of the industrial revolution, fossil fuels – and the emissions from their combustion – have grown every single decade. Until now. In every scenario in the IEA’s World Energy Outlook, we see a growing economy, growing demand for energy services, but this goes with a reduced role for fossil fuels.
According to Yasmine, “there can be no clearer sign of the change that is currently underway in energy systems.”