2023 will be a critical year to accelerate a just energy transition for the world’s developing countries. UNDP outline three trends that we expect will shape this transformation of energy systems in 2023. Food insecurity is likely to be exacerbated by the energy crisis and other factors. 50 countries are at risk of bankruptcy unless developed countries offer urgent assistance. The International Energy Agency predicts the world is set to add as much renewable power in the next 5 years as it did in the past 20.
This expected increase is 30% higher than the amount of growth that was forecast just a year ago. The Economist’s Energy Outlook 2023 outlines three trends that will eventually hinder global energy transition efforts. Renewable energy capacity growth is set to almost double in the next five years, overtaking coal as the largest source of electricity generation by early 2025 globally. The outcomes of COP27 show that more – much more – remains to be done to bring governments to take decisive action to reduce emissions. It is up to all of us to redouble efforts so that COP28 brings the long-awaited agreement on the need to ‘phase out all fossil fuels’.
