• It was released by International Renewable Energy Agency (IRENA).
  • Current pledges and plans fall well short of IRENA’s 1.5°C pathway and will result in an emissions gap of 16 gigatonnes (Gt) in 2050.
  • Global investment across all energy transition technologies reached a record high of USD 1.3 trillion in 2022.
  • Deployment is also limited to certain parts of the world. China, the European Union and the United States accounted for two-thirds of all additions last year, leaving developing nations further behind.
  • Recommendations
    • To keep 1.5°C target alive, deployment levels must grow from some 3,000 gigawatt (GW) today to over 10,000 GW in 2030, an average of 1,000 GW annually.
    • Net-zero commitments must be embedded in legislation and translated into implementation plans.
    • Every investment and planning decision should consider structure and geography of low-carbon economy of the future.

About International Renewable Energy Agency (IRENA)

  • It is an intergovernmental organisation; it was officially founded in Bonn, Germany, in January 2009.
  • It has 167 members and India is the 77th Founding Member of IRENA.
  • Headquarters- Abu Dhabi, UAE.
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