Clean Energy Target Can Transform the World Into a Better Place

By Anshula Mandaokar , 11 October, 2023

The growing climate change lays numerous reasons to opt for an energy transition by lowering the need for fossil fuels and shifting the focus to renewable energy. Many countries have aims to achieve net -zero by 2050. Thus, energy transition is an awakening process to fight against climate change in 2023 as different nations take necessary actions against it.

According to recent trends in 2023, the clean energy sector sees progress in the economy in 2023. The investment in clean energy is gaining momentum in 2023 since sustainable development goals (SDGs) have been integrated firmly. As per the recent data, world energy investment in 2023 is anticipated to rise by 7 percent to hit a record of USD 2.8 billion trillion. Even if it is far less than the total energy required to meet the energy demand with a sustainable approach, it's the beginning of a new era in the clean energy sector. Based on the International Energy Agency's (IEA) estimation to achieve the global net-zero 2050 target, an investment of USD 37 trillion is required by 2030.

Similarly, to achieve the climate goals by 2050, USD 5.3 billion in a year is required, as reported by the International Renewable Energy Agency (IRENA). Thus, USD 150 trillion is necessary to meet the transition framework by 2050. Also, in 2023, the clean energy sector globally earned USD 1.7 trillion, two-thirds of the energy investment worldwide.

Experts view that clean energy’s goals achievement can act as a hurdle in the way of development for an economy. Meanwhile, global energy consumption from renewable energy share is up to 19.1 percent globally; according to recent data from a UN tracking report, one-third of the consumption is due to burning resources, mainly wood. Fossil fuel dealers are maintaining a safe place due to slow progress in renewable energy sources, even if wind and solar power generate a good amount of electricity in 2023. Renewable energy sources have enhanced wind and solar energy immensely by 2030. It is difficult for nations to attain sustainable development goals (SDG) as some sectors depend heavily on fossil fuels. If India is considered, the country's economy depends on agriculture. The food sector of the country and agriculture of the country are dependent on fossil fuels, thus leading it to contribute towards pollution. However, the European countries are competent to find ways to advance to find new methodologies in achieving the target. Though the energy transition currently proves costlier for the developing economies, it can also provide high economic benefits to support their economies with latest green infrastructure projects in the long run.

WORLD TOTAL ENERGY INVESTMENT, BY SOURCE