IEA-RETD launches new policy action plan
A new publication from Elsevier, developed by the IEA Implementing Agreement for Renewable Energy Technology Deployment (IEA-RETD), explores six policy categories that are "essential" for the acceleration of renewable energy deployment.
First copies of the new publication were showcased during the "Are you READy for ACTION?" ADIREC side event of the World Future Energy Summit in Abu Dhabi, and it was officially launched at a further special side event during the event today.
According to the authors, ACTION refers to the ACTION star, which summarises the key messages of the READy book and the IEA-RETD. The ACTION star is a graphical representation of six policy categories that are essential for the acceleration of renewable energy deployment: “It is based on global best practices,” says Hans-Jørgen Koch, chairman of the IEA-RETD, in which nine countries cooperate. “Applying the ACTION star guides policy makers in choosing the right ingredients for successful policies.”
The IEA-RETD advocates a further acceleration of renewable energy deployment, starting with the existing promising developments in several countries in the world. “We are well aware that the transformation of the energy system needs to speed up, for several reasons,” Koch says. “The IEA calculated that any dollar of investment that we don’t invest now in low-carbon solutions will in fact cost us US$4.30 later to compensate for the increased emissions".
According to Koch, policy makers play a key role by influencing near- and long-term planning and investment decisions. In some countries, policies have successfully attracted substantial financing to renewable energy, encouraging significant technological advancement alongside massive and rapid deployment. “But other countries are still struggling with inertia or have not even begun down this path,” Koch says.
“In our picture, a much faster and more global deployment of renewables will advance economic development, create domestic jobs, improve energy security, assist in providing energy access to all, reduce local health and environmental impacts and reduce greenhouse gas emissions dramatically in order to ensure a stable climate.”
This week, several high-level meetings take place in Abu Dhabi. The General Assembly of IRENA met to chart an international pathway to double global renewable energy shares by 2030. And at the World Future Energy Summit (WFES) and the International Renewable Energy Conference (ADIREC), high-level representatives from industry and politics met to address key opportunities for a renewable energy revolution.