The findings from the recently published report by REN21 suggested that the heating and cooling, and transportation sector along with the global policy landscape should complement the decarbonization growth vision through accelerated adoption of renewables as part of post-COVID-19 recovery outlook. GlobalData advises that, to meet the goals of the Paris Agreement, the share of renewables in heating and cooling, and transportation would need to increase.

Somik Das, Senior Power Analyst at GlobalData, comments: “The power sector on its own is less likely to deliver the emissions reductions demanded by the Paris climate agreement. The share of renewables in the heating and cooling, and transportation segments has to increase as they together account for about 80% of the global total final energy consumption.”

GlobalData’s coverage of renewables track record shows that renewables have improved their share in the generation mix to 10.4% in 2019 from 8% in 2016. During the same timeframe, generation from non-hydro renewables increased by almost 42% in 2019 compared to a 6% growth shown by other technologies.

During the past five years, the renewable growth story has been impressive and has been towing the weights for the required transformation towards a sustainable climate through decarbonization. However, too little support from the heating and cooling, and transportation sector has limited the level of transformation that could have been achieved together.

Das added, “COVID-19 relief measures are great opportunities for investment in the renewables sector. These investments are immensely cost-effective than the regular stimulus measures, yield more returns, and eventually aid in limiting global warming.”