Smart electrification a cost-effective approach in powering energy transition: IRENA report

Smart electrification a cost-effective approach in powering energy transition: IRENA report

BRUSSELS, 20th June, 2023 (WAM) -- A new report by the International Renewable Energy Agency (IRENA) stated that electrifying the use of energy in industry, transport and buildings with renewables is a cost-effective way to decarbonise end-use sectors, increase security of supply, reduce dependency of imported fossil fuels and mitigate risks of fuel prices volatility as experienced in recent years.

The report provides governments with a toolbox of 100 innovative solutions to tailor national strategies and cut emissions in end-uses. By formulating smart electrification strategies, countries can take concrete actions, minimise investment and significantly accelerate the transition towards the COP28 in Dubai later this year.

The new report, titled, “Innovation Landscape for Smart Electrification”, was launched by IRENA’s Director-General Francesco La Camera in the presence of European Commissioner for Energy, Kadri Simson at an official launch event hosted by the European Commission in Brussels today.

IRENA’s Director-General Francesco La Camera said, “Smart electrification gives governments a cost-effective way to accelerate economic growth, improve energy security and reduce the growing impacts of climate change. Today, many solutions are available and ready for commercialisation, with pioneering companies creating, trialing, and deploying transformative innovations. May our toolbox provide governments with concrete solutions they