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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
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
Fatih Birol Profile picture
Jan 24
The transformation of the world's power sector means clean sources are set to meet all the increase in global electricity demand in the next 3 years

This is mainly thanks to renewables' huge growth but also nuclear's rebound to a historic high in 2025 ➡️ iea.li/3OdHAe2
Image
Global electricity demand is set to grow strongly in the years ahead

Most demand growth is in emerging economies, led by China, India & Southeast Asia - but EVs, heat pumps & data centres are pushing up electricity use in advanced economies as well

More: iea.li/3u3PCzh
Image
Growing low-emissions sources, led by solar, puts them on track to account for almost half of global electricity generation by 2026, up from just under 40% in 2023

This pushes power sector emissions into structural decline in the coming years

Read more: iea.li/3ubl4eX
Image
Read 7 tweets
Fatih Birol Profile picture
Jan 11
The world added a historic 510 gigawatts of renewable power capacity in 2023, up 50% from a year before

Under current policies & market trends, global renewable capacity is set to be 2.5 times higher by 2030, not far off the COP28 goal of tripling

More: iea.li/41QZoRW
Image
Our new Renewables report is the 1st part of @IEA’s follow-up work on the energy outcomes of COP28 that will continue through 2024 & beyond

It provides detailed country-level analysis & a new online tool to track progress towards the goal of tripling renewables to over 11,000 GW Image
@IEA Many countries saw strong growth in renewables in 2023, but China once again led the way. It installed as much solar PV last year as the entire world did in 2022.

The US, EU & Brazil also hit all-time highs, with solar the driving force

@IEA's report: iea.li/48OXaoa
Image
Read 7 tweets
Fatih Birol Profile picture
Nov 23, 2023
The oil & gas industry faces a moment of truth at #COP28

It must choose: keep fueling the climate crisis or embrace the shift to clean energy.

Today, its efforts aren’t encouraging. It accounts for under 1% of global clean energy investment.

Our report: iea.li/3R79gDf
Image
Today, the oil & gas industry invests about 2.5% of its total capital spending in clean energy

If oil & gas producers want to play their full part in meeting the goals of the Paris Agreement, our report shows that 50% of their investments should be going to clean energy by 2030 Image
Continuing with business-as-usual for oil & gas while hoping a vast deployment of carbon capture will cut the emissions is fantasy

It would mean an implausibly large amount of carbon capture, requiring a huge leap in annual investment from $4 billion last year to $3.5 trillion! Image
Read 10 tweets

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