WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 16
Global
Outlook
54 https://www.irena.org/Innovation-landscape-for-smart-electrification/Power-to-heat-andcooling/Status#:~:text=The%20share%20of%20fossil%20fuels,95%25%20of%20global%20
heating%20demand.
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Power-to-heat-and-cooling/Status
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• Solar domestic hot water constitutes an interesting source
of decarbonization on one side and energy storage on the
other side. France was a pioneer by offering, for more than
30 years, to residential customers, night-day rates which
favour the heating of water during off-peak hours for its
use during peak hours.
• Use of “green heat” coming from biomass, used notably
in district heating systems (burning urban waste) and
geothermal energy.
WEMO 2024
“Green heat”
Heating and cooling for residential and commercial buildings
and for the industry accounts for about half of the global final
energy consumption. It is the largest source of energy end use,
ahead of transportation (30%), and is responsible for more than
40% of global energy-related CO2 emission. In 2021, fossil fuels'
share in heat generation was around 75%.54
Despite remote-controlled heating and cooling systems that
enable savings, the global energy demand for cooling is expected
to increase by 45% by 2050, compared with 2016 levels.55
One reason for this is rising standards of living in developing
countries; another is that global temperatures will probably rise.
Cooling solutions are predominantly powered by electricity.
To decarbonize heating a mix of sustained solutions should
be implemented: electricity, solar hot water, biomass,
geothermal resources.
• Electrification of heating by using heat pumps, is strategic
for decarbonising heating and cooling. However, it will not
suffice. For example, in Irena pathway to achieve the 1.5°C
target by 2050, heat pumps installations are forecasted to
increase by 14-fold from 2023 to 2050 which is not realistic.
This scenario bets also on large wind and solar developments
which is also questionable notably because of grid balancing
issues (as described above).
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Historically, hydropower has been funded by state or
intergovernmental actors, but their ability to put more resources
into the sector is limited. If the build rate of hydropower is
to double, then private investment is needed so that annual
capital flows can also double, from $65 billion to $130 billion.
Beyond technical and financing challenges, policies and market
mechanisms must ensure that investment in sustainable
hydropower is attractive.
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