Why do you not endorse the IEA’s definition of “clean” energy?
The IEA’s projections in the NZE scenario are based on a definition of « clean energy » that includes technologies that are incompatible with a rapid and just transition of our energy system, such as biomass or nuclear energy. It also anticipates the development of immature or non-existent technologies at a commercial scale, such as Carbone Capture Use and Storage (CCUS), and hydrogen produced using fossil fuels and CCUS. Those technologies, whose development is uncertain or associated with damaging social, environmental and climate impacts or risks, pose too great a risk to our ability to meet the 1.5°C objective and global biodiversity protection targets. Therefore, we believe that they should not be included in banks’ energy transition finance targets. As the IEA’s NZE scenario gives only a 50% chance of limiting global warming to 1.5°C, removing those technologies increases the chances of success and does not detract from the relevance of aligning with the investment targets set out in this scenario.