RENEWABLE ENERGY
How quickly will clean energy transitions unfold ?
• Clean energy is entering the energy system at pace , including more than 560 gigawatts of new renewables capacity added in 2023
• Clean energy projects are approaching US $ 2tn each year , almost double the combined amount spent on new oil , gas and coal supply
• Costs for most clean technologies are resuming a downward trend
• Renewable power generation capacity is predicted to rise from 4,250 GW today to nearly 10,000 GW in 2030
• Together with nuclear power , low-emissions sources are set to generate more than half of the world ’ s electricity before 2030 .
China is outstanding If you are looking for a nation to follow on the journey to a renewable future , look no further than China .
The IEA says : “ China stands out : it accounted for 60 % of the new renewable capacity added worldwide in 2023 – and China ’ s solar PV generation alone is on course to exceed , by the early 2030s , the total electricity demand of the United States today .”
However , it adds that there are “ open questions ” globally about how quickly and efficiently new renewable capacity can be integrated into power systems , and whether grid expansions and permitting times keep pace .
The report says : “ Policy uncertainty and a high cost of capital are holding back clean energy projects in many developing economies .
“ Recent clean energy trends in advanced economies present a mixed picture , with accelerations in some areas
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