Conclusion
This paper has highlighted the great steps forward that have been made in the renewable energy transition. But more importantly, it highlights how far we have to go and how little time left we have to get there.
The solutions are there, progress is being made, but it needs to be made faster. As it stands, we are not remotely on track to achieve keeping global warming to 1.5°C above pre-industrial levels and so avoid the most catastrophic effects of climate change.
The expansion of renewable energy generation continues to set new records. We are also seeing renewables making strong progress towards becoming the cheapest source of global energy generation.
But policy and investment are two critical areas that are holding progress back and, based on current predictions, will mean we fail to achieve the 1.5°C goal.
Of particular concern is what is currently looking like a missed opportunity to ‘build back better’, and place green strategies at the heart of the world’s economic recovery from Covid-19.
The second part of this white paper (coming in Q2 2021) will explore other key aspects of the renewable transition that must move forward at greater pace over the next decade – including the decarbonisation of the transport sector, storage solutions for renewable generation, expansion of the residential renewables market, energy access and security of supply for all, and corporate sourcing of renewables.
There will also be an update on Covid-19 and whether there is more positive news in the allocation of global funding to help drive a green recovery, and whether President Biden’s $1.7tn 'clean energy revolution' is looking more, or less, likely.
What governments, businesses leaders and society choose to do next will decide our direction of travel for the rest of this decade.
In turn, it will determine whether we avoid or rush headlong into a global climate catastrophe. And at that point, it won’t matter how we react, how we pull together or how many trillions of dollars we throw at the problem – it will all be far too late.
We must act, and act now. This is our decade of opportunity. This is the Decade That Matters.