1.1 Introduction

This chapter recaps the key aspects of IRENA’s 1.5°C Scenario, as set out in more detail in the 2021 World Energy Transitions Outlook (WETO), and examines progress made to date. Section 1.2 summarises six components of an energy transition that, as outlined in the 2021 WETO, would be robust enough to meet the 1.5°C climate goal by 2050. Key performance indicators (KPIs) related to the six components are identified, to help track progress. This section also compares IRENA’s 1.5°C pathway with those of a number of other studies, with a focus on G20 members.1

Section 1.3 then tracks the progress of the energy transition, assessing gaps and the urgent need to accelerate investments. This includes an examination of the latest trends in renewable energy costs and prices. The section also considers whether countries are implementing energy transition policies and presents the most likely emissions trajectory based on announcements at the 2021 Glasgow climate conference and pledges from key countries.

A 1.5°C compatible pathway requires a massive transformation of how societies consume and produce energy

1 G20 or the Group of Twenty comprises of 19 countries and the European Union (EU).