Governments around the world are responding to the crisis by doubling down on clean energy – in the US, EU, Japan, China, India & elsewhere
Their new policies are set to help global clean energy investment rise above $2 trillion a year by 2030, an increase of over 50% from today
For the 1st time ever, today's policy settings are strong enough to deliver a distinct peak in fossil fuel use within this decade.
This isn't enough to avoid severe climate impacts, but it's progress from where we were a few years ago. Stronger policies can steepen the decline.
The rise in coal use this year has attracted a lot of attention, but it's small & our new analysis suggests it will be temporary.
Renewables are set to surge even higher, with their electricity generation rising 90% by 2030, eating into coal & gas's share of the power mix.
Progress in policies & technologies since 2015 has shaved 1°C off projected global warming, but much more is needed to reach the temperature goals of the Paris Agreement
Implementing announced climate pledges in full would lower warming to 1.7°C, moving us closer to safer ground
Limiting global warming to 1.5°C would mean a much faster scaling up of clean energy globally
What's encouraging is that the announced pipeline of clean energy manufacturing projects would, in several areas, approach the levels needed to put the world on track for #NetZeroby2050
One of the effects of the current crisis is that the era of rapid growth in global gas demand draws to a close.
In Europe, climate policies accelerate the shift away from gas. New supply brings prices down by the mid-2020s, and LNG becomes even more important to gas security.
This year's WEO makes clear the long-term impacts of Russia's actions on its energy exports.
Russian fossil fuel exports never return – in any of our scenarios – to their 2021 levels. Within 10 years, Russia’s share of internationally traded oil & gas is set to fall by half.
Amid these major changes, a new energy security paradigm is needed to ensure reliability & affordability while reducing emissions
That's why #WEO22 provides 10 principles to help guide policymakers through the period of declining fossil fuel & expanding clean energy systems
To learn more about the new analysis in @IEA’s World Energy Outlook 2022, explore the freely available report online ➡️ iea.li/3SOmGBW
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
@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
@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
@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
@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
@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
@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
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.
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
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
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
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
@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