India is set for the fastest rate of renewable capacity growth among major economies in the next 5 years, doubling additions versus 2015-2020
This supports 🇮🇳’s new goal of 500 GW of renewable capacity by 2030 & highlights its potential to accelerate its clean energy transition
Renewables are on track for record growth despite high commodity & transport prices
But if commodity prices stay high until the end of 2022, it would wipe out 5 years of cost reductions for wind power – and 3 years of reductions for solar PV
Demand for biofuels is forecast to grow strongly through 2026, with Asia accounting for almost 30% of new production
India is expected to overtake Canada & China in the coming years to become the third largest market for ethanol worldwide, behind the United States & Brazil
The @IEA report's accelerated case shows renewables can grow even faster to 2026 if policy makers address key barriers.
But reaching #NetZero by 2050 requires even stronger efforts. The rate of renewable capacity additions would need to almost double from the report's main case.
For more on @IEA's Renewables 2021 market report, which is available for free on our website, join us for the livestreamed launch event at 11:00 AM Paris time
The encouraging news is that a New Energy Economy Is Emerging
#WEO2021 shows that pursuing #NetZero can create a market opportunity for equipment like batteries & wind turbines worth over $1 trillion a year by 2050 – similar to today's oil market
If governments fully deliver on the climate pledges they have announced so far, it would limit global warming to 2.1 C.
Not enough to solve the climate crisis, but enough to change energy markets, including oil – which would peak by 2025 – and solar & wind, whose output soars.
We just launched @IEA’s new Sustainable Recovery Tracker to measure how governments’ responses to the Covid-19 crisis are affecting clean energy investment & CO2 emissions.
It shows that only 2% of fiscal support goes to clean energy transitions ➡️ iea.li/2UYzbm9
The amount of total clean energy investment mobilised by governments' recovery measures to date falls far short of what is needed to put global CO2 emissions on a path to reach net zero by 2050.
CO2 emissions are set to rise to an all-time high in 2023 👉 iea.li/3eCajHA
Our new Tracker monitors government spending & the clean energy investment it mobilises on 30+ measures in our Sustainable Recovery Report, covering 800 recovery policies in over 50 countries.
Today, emerging & developing economies account for two-thirds of the world's population, but only one-fifth of global investment in clean energy.
Our new report shows that this investment needs to grow more than 7 times by 2030 to over $1 trillion a year to meet net zero goals.
One of our key recommendations: Governments need to give international public finance institutions a strong mandate to finance clean energy in the developing world.
There is no shortage of funds globally, but we need huge efforts to channel them where they can make a difference.
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.
The @IEA pathway leads to a global energy system in 2050 dominated by clean energy:
➡️ Solar is the single largest source of global energy
➡️ Renewables provide almost 90% of electricity
➡️ One-fifth of that electricity is used to produce hydrogen
Our net zero pathway sees a historic surge in clean energy investment to $4 trillion in 2030. This creates millions of jobs & helps lift global economic growth by 0.4 percentage points a year in the 2020s.
The pathway has no need for investment in new fossil fuel supply projects
Our report shows a looming mismatch between the world’s strengthened climate ambitions & the availability of critical minerals that are essential to realising those ambitions
Governments need to act now & act together to reduce the risks of price volatility & supply disruptions