Extractive Industries Transparency Initiative (EITI)
Abstract: Continued growth in the renewable energy is crucial to meeting net zero goals by 2050. The risks accompanying a shift of this scale and urgency are cause for concern: large flows of financing,rapid scale-up in investment and expectations of high returns can generate considerable corruption and integrity risks for the renewable energy sector,as demonstrated in the extractive industries over the past several decades. The fight against climate change is transforming the energy sector. According to bp?s 2023 Energy Outlook,global fossil fuel demand is anticipated to see a sustained decline over the next three decades. In a scenario where the world broadly maintains its current decarbonisation trajectory,the share of fossil fuels in primary energy could drop from around 80% in 2019 to around 55% by 2050. In a more ambitious scenario,aligned with net-zero objectives,the share of fossil fuels in primary energy would drop to around 20% by 2050.