Electrification is the vital pathway for the energy transition.
The pace of electrification needs to at least double
There’s great potential for electrification worldwide yet it is vastly underutilized. Electrification of final uses contributes to the overall energy system efficiency, in terms of costs, energy efficiency and electricity network efficiency.
To reach decarbonization goals, the share of electricity in final energy consumption will need to increase from 19% today to around 40-50% by 2050, depending on the scenario considered, meaning the pace of electrification needs to substantially grow, at least doubling if not more. Adequate policies need to be put in place to ensure efficient and cost-effective electrification of end uses accelerates to help reach global climate goals.
Our new flagship research initiative, the Global Electrification Monitor (GEM), tracks the evolution of electrification across end-use sector around the world and in 15 selected countries that represent 70% of global electricity demand, identifying space for immediate action. The GEM will consist of an online dashboard and an accompanying analytical report that will be released in the third quarter of 2022.
You can get a sneak peek of our GEM dashboard here.