21 Mar (NucNet): Limiting the rise in global mean temperature to well below 2°C would require an energy transition of exceptional scope, depth and speed, including increased investment in new nuclear power reactors, according to analysis by the International Energy Agency.
Annual average energy related investments would need to be doubled from current levels with $3.5 trillion (€3.2 trillion) in energy-sector investments be needed on average each year until 2050.
Nearly 95% of electricity would need to be low-carbon by 2050, compared with about one third today, the IEA said.
Fossil fuels, in particular natural gas, would still be needed in 2050, and would account for 40% of energy demand, around half of today’s level.
Recent IEA estimates show that global energy-related CO2 emissions stalled for a third straight year in 2016. This was the result of growing renewable power generation, switches from coal to natural gas, improvements in energy efficiency, as well as structural changes in the global economy.
According to the IEA, investment in nuclear energy was $21bn in 2016 compared to $583bn in oil and gas, $107bn in wind and 98bn in solar photovoltaic.
The findings are included in a report called ‘Perspectives for the Energy Transition – Investment Needs for a Low-Carbon Energy System’.
The report is online: http://bit.ly/2mKU1OR
