RENEWABLE ENERGY
accompanied by slowdowns in others , including a large fall in heat pump sales in Europe in the first half of 2024 .”
Other conclusions
• Clean energy momentum remains strong enough to bring a peak in demand for each of the fossil fuels by 2030
Demand for energy services is rising rapidly , but the continued progress of transitions means that , by the end of the decade , the global economy can continue to grow without using additional amounts of oil , natural gas or coal .
Growth in clean energy and structural changes in the global economy , particularly in China , are starting to temper overall energy demand growth , “ not least because a more electrified , renewables-rich system is inherently more efficient than one dominated by fossil fuel combustion ”.
• The world has the need and the capacity to go much faster
Ample clean energy manufacturing capacity creates scope for faster transitions , but imbalances in today ’ s investment flows and clean energy supply chains will need to be addressed .
Over the past five years , annual solar capacity additions quadrupled to 425 GW , but annual manufacturing capacity is set for a sixfold increase to more than 1,100 GW .
86 February 2025