A new report by energy think tank Ember highlights the role of renewables in tackling global energy insecurity.
It argues that shifting from fossil fuels to renewables and electrification can reduce reliance on imports.
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Currently, 37% of global primary energy demand is met through imported fossil fuels.
The report reveals that 52 countries import more than half of their primary energy needs from fossil fuels.
It also states that a quarter of the global population lives in countries spending more than 5% of their gross domestic product on these imports. This dependency raises economic and energy security concerns.
Ember’s analysis finds that 92% of countries with renewable potential ten-times greater than their energy demand could achieve energy independence.
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By GlobalDataThe study identifies electric vehicles, heat pumps and renewables as key technologies with the potential to collectively reduce net fossil fuel imports by 70%.
The estimated savings from this transition for fossil fuel importers could reach $1.3trn annually.
Ember’s electrotech strategy outlines steps to reduce energy import dependence.
Electrification is presented as the most significant factor in achieving energy independence.
The strategy calls for urgent action to localise electricity generation and electrify key energy uses.
It also stresses the importance of improving energy efficiency in parallel. Countries are urged to avoid growing dependence on fossil fuels, especially in developing economies.
The report revealed that Asia is the most exposed to fossil import risk, while North America is the only region where nobody lives in a fossil fuel-importing country.
According to the report, renewables are 100-times bigger than fossil fuels and every country has them.
Ember noted that a new generation of electrotech is capable of replacing the vast majority of final demand for fossil fuels.
