India, May 27 -- Electricity must account for 35% of global final energy use by 2035 and more than 50% by 2050 to keep the world on a 1.5degC-compatible pathway, IRENA says.

Annual grid investment needs to rise from about $0.5 trillion in 2025 to around $1 trillion a year between 2026 and 2035, according to the agency.

IRENA says weak energy-efficiency gains, inadequate grid infrastructure and uneven renewable deployment remain major barriers to the energy transition.

About 2,500 GW of wind, solar and storage projects are waiting in global grid connection queues, the report says.

Renewable power capacity must rise to 18.4 TW by 2035 and 38.2 TW by 2050, while storage capacity must expand sharply, IRENA says.

Electricity must account ...