Calls for major investments in the energy sector

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“The Paris Agreement on climate change, which entered into force in November 2016, is at its heart an agreement about energy. The challenges are immense, requiring a major reallocation of investment capital going to the energy sector” Mr Birol stated.

Cost reductions for renewables, on their own, will not be enough to secure an efficient decarbonisation of electricity supply, according to the World Energy Outlook 2016. Structural changes to the design and operation of the power system are needed to ensure adequate incentives for investment and to integrate high shares of variable wind and solar power, according to the...