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International Energy Agency (IEA) has said that global clean energy deployment is still overall behind what is required to meet the 2°C goal.
It added that the recent progress on electric vehicles, solar PV and wind is promising.
The Executive Director, IEA, Dr Fatih Birol, at an international conference in Seoul, South Korea, stressed the need to be wary of cuts in upstream oil and gas investment.
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According him, they pose threats to energy security and could lead to greater price volatility.
“COP21 was historic and a catalyst for more innovation, research and investment in clean energy technologies. 2015 saw progress in solar PV, wind and electric vehicles, but other areas such as CCS and biofuels are lagging behind. Nuclear power can play a role in energy security & carbon abatement – but financing & public concerns remain key issues,” he added.
Birol noted that energy efficiency policies are being introduced in more countries and sectors; they continue to slow demand growth, but more can be done.
He noted that the falling cost of clean energies opens new opportunities but appropriate market design and regulatory frameworks remain critically important.
Birol said that even greater efforts in efficiency, renewables, nuclear power and other low carbon technologies would be required to get close to a 1.5 °C pathway.
He expected energy use worldwide to grow by one third to 2040, driven by Asia.
Birol disclosed that in 2016 non-OPEC supply set to drop by over 900k barrels per day, the largest fall since 1992, helping to push the oil market towards balance.
He noted that strong growth in coal use in India and Southeast Asia offset declines in the European Union (EU) and the United State, but does not match the rise seen over last decade in China.
The IEA chief said that the capacity has grown by 50 per cent to over 610 GW in 2040, led by non-OECD, notably China and India, yet the share of nuclear in the global power mix remains well below its historic peak.
