Electricity grids need to integrate with key sectors undergoing change in the energy transition and embrace fuels such as hydrogen, according to a new IEA report.
To meet national climate targets, grid investment needs to nearly double to more than $600bn per year by 2030, after over a decade of stagnation at global level, the Electricity Grids and Secure Energy Transitions report notes.
“The recent clean energy progress we have seen in many countries is unprecedented and cause for optimism, but it could be put in jeopardy if governments and businesses do not come together to ensure the world’s electricity grids are ready for the new global energy economy that is rapidly emerging,” said Fatih Birol, IEA Executive Director. “We must invest in grids today or face gridlock tomorrow.”
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