The Energy Transition and the Extractives Sector


1. Global Energy Transformation: A Roadmap to 2050

In an era of accelerating change, the imperative to limit climate change and achieve sustainable growth is strengthening the momentum of the global energy transformation. Around two-thirds of global greenhouse gas emissions stem from energy production and use, which are at the core of efforts to combat climate change. To meet climate goals, progress in the power sector needs to accelerate further, while the decarbonisation of transport and heating must pick up steam. The energy system, consequently, requires rapid, immediate and sustained change. The deployment of renewables must increase at least six-fold compared to the levels set out in current plans. The share of electricity in total energy use must double, with substantial electrification of transport and heat. Renewables would then make up two-thirds of energy consumption and 85% of power generation. Together with energy efficiency, this could deliver over 90% of the climate mitigation needed to maintain a 2°C limit. Fortunately, this is also the path of opportunity. It would enable faster growth, create more jobs, create cleaner cities and improve overall welfare. Transforming the global energy system would permit affordable, and universal, energy access, increase energy security, and diversify energy supply.