The Paris Agreement sets an ambitious goal to limit global average temperature increase to well below 2°C and pursue efforts to limit it to 1.5°C. Bringing power sector emissions down to net zero by 2050 is critical to achieve the 1.5°C warming limit (Rogelj et al. 2015). Huge efforts are needed to reach this goal. Both, a complete phase-out of coal-based power and a massive scale-up of renewables by 2050 are required.
Power sector investments in China, India and the US are decisive for the development of renewable energies and the climate targets set in the Paris Agreement. Not only do these countries emit over 50% of global energy-related CO2 emissions (IEA 2016d), they also play a key role in making renewables affordable globally. China has emerged as the global manufacturer for solar PV, while renewable corporations in the US are critical for technology innovation, holding most clean energy patents globally. India is attracting a lot of domestic investments due to the expansion needs in the electricity sector for meeting current shortages, increased electrification and rising demand.
Source : Allianz