ADVANCING JUST ENERGY TRANSITION
Malaysia ’ s Sustainable Energy Development Prospectus
Why Should the World Transition Towards Clean and Sustainable Energy ?
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Accessibility and Availability of Resources
a . Approximately 80 per cent of the global population , or roughly 6 billion people , reside in countries that rely on fossil fuel imports , exposing them to geopolitical vulnerabilities and crises . b . In contrast , sustainable energy sources are accessible in all nations , with substantial untapped potential . c . Sustainable energy provides a solution to reduce import dependence , enabling countries to diversify their economies and shield them from the unpredictable price fluctuations of fossil fuels .
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Cost Effectiveness
a . Renewables-based electricity is now the cheapest power option in most regions , with declining technology costs . b . Cost-effective renewables-based electricity could provide 65 per cent of the world ’ s total electricity by 2030 and decarbonise 90 per cent of the power sector by 2050 , significantly reducing carbon emissions to combat climate change . c . Although solar and wind power costs may temporarily rise in 2022 and 2023 due to elevated commodity and freight prices , they remain competitive , especially in comparison to gas and coal , according to the International Energy Agency ( IEA ).
A Healthier Option
a . About 99 per cent of the world ’ s population breathes air exceeding quality limits , resulting in over 13 million avoidable deaths annually due to environmental causes , including air pollution . b . Fossil fuel-related air pollution in 2018 incurred significant health and economic costs , totalling US $ 2.9 trillion , or roughly US $ 8 billion daily . Switching to clean energy sources like wind and solar can address climate change and air pollution , improving public health .
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Job & Employment Opportunities
a . Renewable investments create three times more jobs than fossil fuels , with an estimated net gain of 9 million jobs in the clean energy sector by 2030 . b . The transition to net-zero emissions could generate over 30 million jobs in clean energy , efficiency , and lowemissions technologies by 2030 , emphasising the importance of a just transition to ensure equitable benefits for all .
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Economic Viability
a . In 2022 , approximately US $ 7 trillion was spent on subsidising the fossil fuel industry , while to achieve netzero emissions by 2050 , an annual investment of about US $ 4 trillion in sustainable energy is needed until 2030 . b . While transitioning to sustainable energy may seem costly for resource-limited countries , the benefits are significant . Reduced pollution and climate impacts alone could save the world up to US $ 4.2 trillion annually by 2030 . c . Efficient and reliable renewable technologies can enhance energy system resilience , reduce vulnerability to market shocks , and improve overall energy security through diversified power supply options .
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References United Nations . ( n . d ). Renewable Energy - Powering a Safer Future . https :// www . un . org / en / climatechange / raising-ambition / renewable-energy
SEI , IISD , ODI , Climate Analytics , CICERO , and UNEP . ( 2019 ). The Production Gap : The discrepancy between countries ’ planned fossil fuel production and global production levels consistent with limiting warming to 1.5 ° C or 2 ° C . http :// productiongap . org /