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Fatih Birol Profile picture
@fbirol
Jun 2, 2021 • 5 tweets • 4 min read • Read on X
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Our new report shows global energy investment is set to rebound nearly 10% in 2021 to $1.9 trillion, reversing most of last year's drop

But the amount going to clean energy technologies is not nearly enough to put us on a path to net zero by 2050

More ➡️ iea.li/3i6Qz1v
Renewables are dominating investment in new electricity generation & are expected to account for 70% of the global total this year.

However, far more is needed – our #NetZero2050Roadmap calls for investment in clean energy to triple by 2030.

Read more 👉 iea.li/3pcGiCf
Spending by some global oil & gas companies appears to be starting to diversify.

@IEA analysis last year showed only around 1% of the industry's investment went to clean energy. Recent trends suggest this may rise to 4% in 2021 – and well above 10% for some European companies.
Much greater spending on energy efficiency is vital to put us on track for net zero

So far, growth in efficiency investments is mainly in areas with clear policies like the buildings sector in Europe. We need far bigger efforts globally & in sectors like transport & industry too
The gap between current investment trends & what’s needed to meet climate goals is particularly large in emerging market & developing economies.

A major new report from @IEA on 9 June – in collaboration with @WorldBank & @wef – will offer solutions to address this challenge.

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More from @fbirol

Fatih Birol Profile picture
Oct 16
After the Age of Coal & Age of Oil, the world is moving rapidly into the Age of Electricity ⚡️

Electricity has recently grown 2x as fast as total energy demand. But from now to 2035, it's set to grow 6x as fast, driven by EVs, ACs, chips, AI & more

More: iea.li/3BEGtk7Image
Electricity's growing role in the energy mix makes it vital to ensure as much of it as possible is generated from clean sources

The rapid growth of solar & wind means they are both set to overtake power generation from coal by 2035

More in #WEO24 ➡️ iea.li/4f7pTHZImage
World Energy Outlook 2024 shows energy markets are set to shift in the 2nd half of the 2020s to relatively ample supplies of key fuels & technologies, albeit still marked by geopolitical risks

How governments & consumers react will have major consequences for energy & climate Image
Read 8 tweets
Fatih Birol Profile picture
Oct 9
The world is adding a huge 670 GW of new renewable capacity in 2024!

Between now & 2030, it is set to add 5,500 GW – even outperforming governments' own national targets

This is equal to the current total power capacity of China, EU, India & US combined: iea.li/3Yhz572Image
Renewables' unprecedented growth means they're on course to meet around half of global electricity demand by the end of this decade

By 2030, the share of solar PV & wind alone in the global power mix is set to double to 30%

Read @IEA’s new report ➡️ iea.li/4gYaMSZImage
@IEA Solar is powering renewables growth around the world ☀️

Solar PV alone is set to account for a massive 80% of new renewable capacity added globally between now & 2030

This means new large power plants – but also rooftop installations of solar panels by companies & households Image
Read 7 tweets
Fatih Birol Profile picture
May 30
A major @IEA report out today shows that the transition to net zero emissions would mean lower energy costs globally than if we continue on our current path

Scaling up clean technologies is good for affordability as well as for cutting emissions

More: iea.li/4aM2zNn
Image
@IEA Today’s energy system is failing to deliver affordable energy for all: many millions of people lack access to clean cooking & electricity

In advanced economies, the poorest households spend up to 25% of their income on home energy bills & transport fuel: iea.li/4cgPMnF
Image
@IEA Today’s energy system is also not a stable one. The energy crisis caused by Russia slashing gas deliveries to Europe led to consumers around the world paying 20% more on average for energy than in past years.

Hardest hit were low-income households already struggling to pay bills Image
Read 9 tweets
Fatih Birol Profile picture
Apr 25
Batteries are a vital part of the energy transition. Here's why:

- They're the fastest growing clean technology on the market

- They help meet climate goals & ensure energy security

- They bring down emissions in power & transport

@IEA's new report ➡️ iea.li/3QmAogL
Image
@IEA Batteries aren't just for powering your smartphone

In 2016, the energy sector accounted for around 50% of global demand for batteries, about the same share as electronic devices

By 2023, energy's share had risen above 90% - in a market 10 times the size: iea.li/3Jz7WEx
Image
@IEA Thanks to the rapid decline of battery costs – 90% since 2010 – they're speeding up opportunities to cut emissions in road transport & electricity

In 2023:

Electric car sales rose to a record of almost 14 million

Battery storage deployment in the power sector more than doubled Image
Read 8 tweets
Fatih Birol Profile picture
Apr 23
Global electric car sales are on track to grow strongly again this year, reaching about 17 million

With more than 1 in 5 cars sold worldwide in 2024 set to be electric, the rise of EVs is transforming the auto industry & the energy sector

More from @IEA: iea.li/3Us3ZYF
Image
@IEA Electric cars' growth this year builds on a record-breaking 2023, when sales soared by 35% to almost 14 million

Demand was largely concentrated in China, Europe & the US, but momentum is picking up in key emerging markets such as Viet Nam & Thailand ➡️ iea.li/3xNUUk0
Image
@IEA Despite near-term challenges in some countries, new @IEA analysis sees the global electric car market gearing up for the next phase of growth

Under today's policy settings, nearly 1 in 3 cars on China's roads by 2030 is set to be electric & almost 1 in 5 in the US & EU Image
Read 10 tweets
Fatih Birol Profile picture
Mar 1
Global CO2 emissions from energy rose less in 2023 than the year before even as total energy demand growth accelerated

The major expansion of technologies like solar, wind & EVs is limiting the increase in emissions & bringing them closer to a peak

More: iea.li/48vumRn
Image
Much of the rise in CO2 emissions in 2023 came from an exceptional fall in hydropower due to extreme drought, with fossil fuels filling the gap

Without the unusual hydropower drop, global CO2 emissions from electricity generation would've declined

More: iea.li/3Ijohgc
Image
In the last 10 years, the CO2 intensity of global GDP has fallen 20%, thanks to both the improvement in energy efficiency and the decline in emissions intensity of global energy supply.

CO2 growth is therefore increasingly decoupling from GDP growth. Image
Read 10 tweets

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