Energy agency chief warns transition to renewables is way off track, issues warning on stranded assets

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Energy agency chief warns transition to renewables is way off track, issues warning on stranded assets
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The energy transition is off track to prevent the worst impact of the climate emergency, according to the head of the International Renewable Energy Agency.

The global energy transition is off track to prevent the worst impact of the climate emergency, according to the head of the International Renewable Energy Agency.

La Camera said that IRENA's findings show energy transition progress has been made, particularly in the power sector where renewables account for 40% of installed power generation worldwide — but the scale and extent of the change to date fall far short of the 1.5 degrees Celsius pathway. The IPCC said deep, rapid and sustained greenhouse gas emission reductions across all sectors would be necessary to limit warming to 1.5 degrees Celsius.

"The process we are assisting on is unstoppable. So, we are moving to a new energy system that will be largely dominated by renewables, complimented by hydrogen — mainly green hydrogen — and the sustainable use of biomass," La Camera told CNBC.

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