Achieving net zero goals require resurgence of hydropower according to IEA

Hydropower is the backbone of low-carbon electricity generation, providing almost half of it worldwide today – that’s according to the latest report by the Paris-based International Energy Agency (IEA) in its Hydropower Special Market Report. 

"Hydropower is the forgotten giant of clean electricity, and it needs to be put squarely back on the energy and climate agenda if countries are serious about meeting their net zero goals," said IEA Executive Director Fatih Birol.

Hydropower’s contribution to the global energy needs cannot be questioned. Currently, its contribution is “55% higher than nuclear’s and larger than that of all other renewables combined, including wind, solar PV, bioenergy and geothermal.” 

“In 2020, hydropower supplied 17% of global electricity generation, the third‑largest source after coal and natural gas. Over the last 20 years, hydropower’s total capacity rose 70% globally, but its share of total generation stayed stable due to the growth of wind, solar PV, coal and natural gas,” the report said. 

The IEA listed 7 priority areas for governments to accelerate hydropower growth, these are: 

1. Move hydropower up the energy and climate policy agenda
2. Enforce robust sustainability standards for all hydropower development with streamlined rules and regulations
3. Recognise the critical role of hydropower for electricity security and reflect its value through remuneration mechanisms
4. Maximise the flexibility capabilities of existing hydropower plants through measures to incentivise their modernisation
5. Support the expansion of pumped storage hydropower
6. Mobilise affordable financing for sustainable hydropower development in developing economies
7. Take steps to ensure to price in the value of the multiple public benefits provided by hydropower plants

***

The upcoming Impact X Summit on Climate Growth, happening on 21-22 September in Sydney will tackle accelerated pathways to achieve net zero emissions by 2050. It is the single most important climate symposium in Asia Pacific, leading into COP26 in Glasgow. To learn more or to register to attend the conference, click here.