Irena shows unimaginative view of 1.5°C scenario

This week Irena published its World Energy Transitions Outlook for 2023 entitled The 1.5℃ pathway. While we have nothing but the highest regard for Irena, and its ability to collect accurate data, its ability to tell whether or not we will hit the 1.5℃ pathway also relies on an ability to forecast and like the IEA before it, Irena has remained doggedly low-ball on all of its forecasts, preferring doom and gloom to genuinely likely scenarios. What it fails to do is to take into account momentum towards higher and higher investment each year in renewables, and instead makes the point that “if we carry on investing at this rate,” it will be a disaster. Investment cycles in new technologies…