The bright prospects of the sector are reflected by continued strong appetite from investors.
This is made clear by shares of solar & wind energy companies outperforming the rest of the energy sector, and by the record level of renewable power capacity auctioned in 2020.
Solar is becoming the new king of 🌍 electricity markets, ascending thanks to its constantly improving competitiveness.
Even faster deployment is possible from 2022 onward, hinging on new policies in 🇨🇳 & 🇺🇸, and rooftop solar developments.
In 2025, renewables are set to become the 🌍's largest source of electricity generation, ending coal’s 5 decades at the top of the power mix
By then, renewables should supply a third of global electricity. Their total capacity will be twice the entire power capacity of 🇨🇳 today
Countries can accelerate renewables' growth by giving them a larger share of economic recovery spending, especially hard hit areas like biofuels.
In the US, the proposed clean electricity policies of the next administration could lead to much more rapid solar & wind deployment.
For the 1st time, @IEA's annual Renewables market report includes a dynamic data dashboard enabling users to explore historical data & forecasts for all sectors & technologies.
There's lots of talk about peak oil demand, but it misses the point.
#WEO20 shows that the era of global oil demand growth will end in the next decade. But without a big shift in government policies, there's no sign a rapid decline is coming.
The rise of solar, wind & batteries is cause for optimism, but big challenges remain.
A huge one is emissions from inefficient coal power plants, heavy industries & other existing infrastructure around the world – mostly in emerging Asia.
Our special report on clean energy innovation is out!
It shows the stark disconnect between aims for deep cuts in emissions & the current state of energy technologies.
Achieving global energy & climate goals requires a big acceleration in innovation ➡️ iea.li/31Ilitk
Energy efficiency & renewables are fundamental for clean energy transitions.
But about 1/3rd of the CO2 emissions reductions needed to move the 🌍 onto a sustainable path would come from technologies that haven’t yet reached the market today.
Our new report – the 1st in @IEA’s revamped Energy Technology Perspectives series – examines how to speed up innovation to meet energy & climate goals while enhancing energy security
This includes a guide to the status of 400+ clean energy technologies ➡️ iea.li/38jq6qx
Today, @IEA is presenting a Sustainable Recovery Plan for the next 3 years that would enable governments to boost economic growth, create millions of jobs & make 2019 the definitive peak in global emissions.
Our Sustainable Recovery Plan offers a roadmap to achieve major results, including:
1️⃣ Add 1 percentage point to global GDP growth each year
2️⃣ Save or create roughly 9 million jobs a year
3️⃣ Make 2019 the definitive peak in global emissions
Coal is set for the largest decline since WWII alongside sharp reductions for oil & gas.
Nuclear power is less affected, while renewables are the only energy source on the rise in 2020, thanks to priority access to grids & low operating costs.
With a combination of a massive supply overhang and a significant demand shock at the same time, the situation we are witnessing today seems to have no equal in oil market history.
We just released @IEA’s updated forecast for global oil demand in 2020, revising it down by about 1 million barrels a day due to the impact of the coronavirus.
We expect to see the 1st full-year decline in demand in over a decade.
We @IEA are following the #COVID19 crisis very closely & will provide regular updates as the picture becomes clearer.
It's affecting a range of energy markets – including coal, gas & renewables – but its impact on oil is especially severe due to the effect on transport.