Recently released was The Breakthrough Agenda Report 2022 by The International Energy Agency (IEA), the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions. This report has garnered attention due to its focus on international collaboration aimed at driving faster reductions in greenhouse gas emissions.
Key Points of the Report: Emissions Reduction Progress in Five Key Sectors
The primary purpose of the recently released report is to assess progress made in reducing emissions across five key sectors – power, hydrogen, road transport, steel and agriculture. The report is groundbreaking in that it is the first annual progress report of its kind, requested by world leaders at the UN Climate Change Conference COP26 held in November 2021 as part of the Breakthrough Agenda launch.
Now, the Breakthrough Agenda covers over two-thirds of the global economy having gained endorsement from 45 world leaders, including those of major economies like the G7, China and India.
Findings: Increase in Practical International Cooperation
One of the main findings of The Breakthrough Agenda Report 2022 is the increase in practical international cooperation in recent years. The report also highlights progress made in deploying essential technologies. Specifically, there is a predicted increase of 8% in global renewable capacity for 2022, which would exceed the 300GW mark for the first time. This increase is equivalent to powering approximately 225 million homes.
The report’s analysis reveals that the five sectors account for nearly 60% of global greenhouse gas emissions and could potentially deliver the majority of emission reductions required by 2030 if we are to limit global warming to a maximum of 1.5°C, in line with Paris Agreement goals.
The Emerging Energy and Climate Crisis
Emerging from the findings of this report is the reality of an escalating energy and climate crisis. Increasing crises in the oil, gas and electricity markets worldwide are exacerbating the situation. These crises are driven by a variety of factors, including the ongoing pandemic, fluctuating oil prices and the current Russia-Ukraine conflict.
Recommendations: Strategic Actions to Achieve Emission Reduction Goals
As part of the report, a series of strategic recommendations were offered to help achieve the ambitious emission reduction goals set. These include the following steps:
1. Demonstrating and testing flexible low-carbon power systems to expand the range of solutions
2. Creating cross-border supergrids to increase trade, reduce emissions and enhance energy security
3. Establishing international centres of expertise to assist coal-producing countries in their transition
4. Agreeing on common definitions and target dates for new road vehicles to reach net zero emissions
5. Mobilizing investment in charging infrastructure to drive global adoption
6. Creating standards to boost battery recyclability and researching alternatives to reduce reliance on precious metals
7. Implementing government policies and private-sector commitments to stimulate demand for low-carbon and renewable hydrogen
8. Investing in agriculture technologies and farming practices that can reduce emissions
This report, with its rigorous analysis and valuable recommendations, serves as a useful reference for understanding and addressing not only the current climate and energy crisis, but also for framing future strategies aimed at emission reduction.
