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
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

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

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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
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

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
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

The energy world will look very different by 2030, even under today's policy settings

🚗 Nearly 10 times as many electric cars

☀️ Renewables = 80% of new power

⚡️ Electric heating outselling gas boilers

🏭 Fossil fuel demand has peaked

➡️  iea.li/46Ye8jd
Much has changed since the 1973 oil shock that led to the founding of @IEA, & faster changes are ahead

With geopolitical tensions in the Middle East refocusing attention on energy security, #WEO23 shows clean energy offers the lasting solutions to our energy & climate challenges

Our new report on the world’s electricity grids is out!

The 1st-of-its-kind, country-by-country analysis shows that to meet energy & climate goals, we need to add or replace 80 mln km of power lines by 2040

That's the size of the entire global grid built over the past 100 years The rapid growth of renewables like solar & wind is a key part of clean energy transitions. But grids, which bring the electricity to consumers, aren't keeping up.

Investment in renewables has nearly doubled since 2014. For grids, it has barely changed 👉 iea.li/3QtwV0B

🚨 The @IEA's new #NetZeroRoadmap is out! 🚨

The path to limiting global warming to 1.5C has narrowed since 2021, but despite stubbornly high emissions, the staggering growth of clean energy technologies like solar & EVs is keeping it open

Take a look ➡️ iea.li/3Ry8WOw
We have the tools we need to shift to a net zero pathway

Expanding renewable power, accelerating energy efficiency progress, electrification of transport & tackling methane together deliver more than 80% of the emissions reductions required by 2030

More: iea.li/3PsVBEF

A major shift is taking place in global energy

5 years ago, for $1 invested in fossil fuels, the same went to clean energy. But since then, a big gap has opened up.

This year, for $1 invested in fossil fuels, $1.70 is going to clean energy ➡️ iea.li/3BQOlMq The shining example of the growth in clean energy investment is solar, which in 2023 is set to attract more capital than global oil production for the first time ever

This reflects the changing tide in world energy

Read more in @IEA's new report 👉 iea.li/43jx6Pi

The global energy crisis fueled fears of runaway growth in the world’s CO2 emissions – but new @IEA analysis shows emissions rose by less than 1% in 2022 as a surge in clean energy offset most of the increase in emissions from coal & oil

Find out more ➡️ iea.li/3kv0lhG @IEA The rise in global CO2 emissions in 2022 would have been nearly 3 times as high if it wasn't for the strong growth of solar, wind, EVs, heat pumps & energy efficiency

They prevented 550 million tonnes of emissions

@IEA's report: iea.li/3J5ZvBi

New from @IEA: the global energy industry emitted 135 million tonnes of methane in 2022, slightly below 2019’s record levels

These emissions are far too high & not falling fast enough, even as soaring energy prices made reducing them cheaper than ever ➡️ iea.li/41cxKxN Methane is a much more potent greenhouse gas than CO2 & a major contributor to global warming

Tackling methane is one of the most important things that can be done to limit near-term temperature rise & improve air quality

Learn more ⬇ iea.li/3Ib5h2S

Despite the energy crisis & unusual weather, growth in global electricity use slowed only slightly in 2022 from its pre-Covid trend

This shows the resilience & increasing importance of electricity today

And growth is set to accelerate in the years ahead: iea.li/40EE6WM Renewables & also nuclear power are set to cover almost all the growth in global electricity demand through 2025

This suggests a tipping point is near for power sector emissions

Governments need to act now to speed up the growth of low-emissions sources: iea.li/3XfnSjJ

The @IEA's Energy Technology Perspectives 2023 is out!

It shows we're entering a new industrial age – the age of clean energy technology manufacturing

This will create new markets worth hundreds of billions of dollars & millions of jobs this decade ⬇️ iea.li/3XmgzHx Investment in clean technology manufacturing – for solar, batteries, heat pumps & more – is rising rapidly

Today's announced projects, if built, would account for two-thirds of the investment in clean technology manufacturing in a pathway to #NetZero ➡️ iea.li/3Xr3M6A

Our new report shows the EU may face a shortfall of nearly 30 bcm of natural gas in 2023 if Russian pipeline supplies drop to zero

But the good news is the EU has options to close this gap

More on the report I presented with President @vonderleyen today: iea.li/3uL2EP3 If Russia stops all pipeline supplies, Chinese LNG imports rebound & Europe has typical winter temperatures, there is a risk of gas shortages in 2023

Actions already taken in the EU mean the potential gap is half what it would've been but more are needed: iea.li/3UJ37Mc

🚨 Our new report on the Future of Heat Pumps is out!

A key tool for cutting energy bills, fuel imports & emissions – heat pumps are showing unprecedented momentum amid the energy crisis, especially in Europe

Governments need to accelerate this further: iea.li/3VFJQw7 Today, only 10% of heating in buildings worldwide relies on heat pumps

This needs to grow rapidly to meet countries’ national energy security & climate targets – sales would have to triple by 2030

Read more ➡️ iea.li/3VgvQsI

Our special report on Coal in Net Zero Transitions is out!

Global coal emissions are the key challenge for reaching climate targets. If nothing is done, emissions from existing coal plants in power & industry alone would tip the world over the 1.5C limit: iea.li/3hFOX0s Global coal demand, and its CO2 emissions, have been stuck at a high level for a decade

With over 95% of global coal consumption occurring in countries that have pledged to reach net zero, governments need to move quickly to drive emissions down

More ➡️ iea.li/3g3m8uC

World Energy Outlook 2022 is out!

It shows energy markets & policies are changing profoundly as a result of Russia’s invasion of Ukraine

Today’s crisis promises to be a historic turning point towards a cleaner & more secure energy system

Read more ⬇️ iea.li/3SOmGBW The world is dealing with a crisis of unprecedented breadth & complexity

Oil & gas markets are facing major uncertainties amid today’s geopolitical upheaval

High energy prices have stoked inflation & created a looming risk of global recession

Read more: iea.li/3DwmvWj

The global energy crisis is hurting households, businesses & economies worldwide, and it’s important to separate fact from fiction

In my new op-ed for @FT, I highlight 3 claims in particular that are wrong – in some cases dangerously so

A short thread:
ft.com/content/2c1338… Myth 1: Russia is winning the energy battle

A short-term jump in energy export earnings can’t offset a permanent loss of trust & markets. Moscow is doing itself long-term harm by alienating the EU, its biggest customer. Its oil & gas sector will also struggle under sanctions.

The @IEA Special Report on Solar PV Global Supply Chains is out!

China has driven down solar panel manufacturing costs, helping spur solar’s success worldwide while at the same time resulting in a major concentration of global PV supplies

Read more ➡ iea.li/3amTtO7 China's industrial & innovation policies have been vital in solar PV's huge cost declines, benefitting clean energy transitions worldwide

At the same time, the level of concentration in global solar PV supply chains also poses potential challenges

More: iea.li/3ypLpUK

Nuclear power has a unique opportunity to stage a comeback amid the global energy crisis, soaring fossil fuel prices, energy security challenges & increased climate ambitions

But whether this happens will depend on governments & industry

New from @IEA ⬇️ iea.li/3ywoMzt A nuclear power comeback is far from guaranteed

In advanced economies that see a role for nuclear, governments need to enact policies to kick-start investment

And the nuclear industry has to overcome recent cost overruns & delays to deliver new projects on time & on budget

Africa Energy Outlook is out!

Today 600 million Africans have no access to electricity & nearly 1 billion no access to clean cooking. Solving this requires $25 billion per year from now to 2030 – the same as building one new LNG terminal a year

More: iea.li/3mZkeea Electricity is the backbone of Africa’s new energy systems, with scope for 80% of new capacity additions to come from renewables, notably solar

Africa is home to 60% of the best solar resources globally but it has only 1% of solar PV capacity today

More: iea.li/3HJEs5m

The world is set to add more renewable power capacity in 2021 than ever before

The record-breaking additions of 290 GW of solar, wind & other renewables are yet another sign that A New Global Energy Economy is emerging

Find out more in @IEA's new report: iea.li/3o7lltG We expect renewables to account for almost 95% of the growth in global power capacity through 2026, with solar PV alone providing more than half

This is driven by stronger support from policies & more ambitious pledges made going into #COP26

Read more: iea.li/3E4wy3L