The ten measures include:
- Expand solar energy by more than to times to 5TW and wind energy by 5 times to 3TW by 2030. By doing so, we will be able to generate 50% of human’s energy demand by 2050. Read more stories about renewable energy here.
- Increase the production of energy storage batteries by 50 times by 2030. This can be done by increasing investments in storage and energy balancing solutions to ensure more solar and wind energy is integrated with main grid networks.
- Direct more than $1.5 trillion in investments towards the reinforcement of power grids.
- Expand energy efficiency measures by 3.5% per annum through 2030
- Create new infrastructure for charging electric vehicles on a large scale
- Improved and cheaper heat-pump technologies and improved insulation
- Rapid and wide deployment of carbon capture, utilisation and storage installations
- Increase reliance on green hydrogen to heat buildings and industry, fuel transport and make use of excess renewable energy in the power grid
- Increase the electrification of manufacturing processes and the use of renewable energy solutions which are integrated with storage technologies for the heavy industries
- Governments need to take extraordinary policy actions now. By 2020, all 197 countries that signed the Paris Agreement must raise and realise increased ambitions for their updated Nationally Determined Contributions and move to faster implementation.
DNV GL is urging governments to introduce more tax incentives for EVs, improve and expand power grids and to increase their focus and investments in energy efficiency programmes.
Ditlev Engel, CEO of DNV GL, said: “We need to change the mindset from ‘business-as-usual’ to ‘business-as-unusual’ to fast-track the energy transition.”
If we don’t address global warming now, at an accelerated pace, carbon emissions will not fall sufficiently by 2050 to reach the Paris Agreement goal of 2°C global warming, let alone 1.5°C — DNV GL estimates a rise in average global temperatures of 2.4°C by the end of the century.