To successfully address climate change, it is critical to transition to a low-carbon energy sector as soon as possible. At present, the energy sector, accounts for two-thirds of global emissions. According to the IPCC, the energy sector must be decarbonised by 2050; accelerated renewable energy deployment and ramped-up energy efficiency can significantly help reach this goal. Global energy trends, while promising, still lag behind what is necessary to achieve the climate and sustainable development objectives. By embarking upon a comprehensive energy transition today, we can start to create a better energy system – one capable of ensuring that average global temperatures are no more than 1.5°C above pre-industrial levels and assisting in the achievement of Sustainable Development Goals (SDGs) and Nationally Determined Contributions, (NDCs). The energy transition would also bring further socio-economic benefits, including increased economic growth, job creation and overall welfare gains.
As the energy transition touches all facets of economies and societies, it requires a systemic approach to ensure everyone is part of the discussion and no one is left behind. New sources of energy and new ways of distributing energy, supported by applications such as digitalisation, artificial intelligence, and innovative business models, introduced new participants to the energy system who can actively contribute to the transition. This event will look at critical areas where progress is being made and areas that must be accelerated to get on a pathway to 1.5°C by 2050, as recommended by the IPCC and highlighted at the UN Climate Action Summit. The event will showcase the shift that is occurring in the energy sector, including replicable and scalable actions, and highlight the areas where urgent action is needed to make the change happen.