Green energy investments in developing countries will need to reach US$1 trillion within the next nine years for the world to reach net zero emissions by 2050, according to the International Energy Agency (IEA).
Renewables are set to account for 70% of global investment in new power generation capacity this year with solar PV leading the growth, but spending on clean energy must accelerate much more rapidly if the world is to meet its climate goals.
Liam Stoker explores solar’s role within the International Energy Agency’s net zero roadmap, charting its prospective journey to more than 14.5TW of installed capacity, a global and highly-skilled workforce and trillions of dollars of invested capital.
The International Energy Agency (IEA) has said it expects annual solar PV additions globally to surpass 160GW by 2022, affirming the technology’s position as the “new king” of global electricity markets.
Governments worldwide must ensure that there are sufficient raw materials available to solar and energy storage developers to safeguard the energy transition.
Clean energy segment has proved more resilient to COVID-19 fallout but current investment is 'nowhere near’ the levels needed to keep climate change at bay, global watchdog warns.
Agency urges countries to keep clean energy shift ‘front of mind’ as they design anti-pandemic stimulus packages, amid calls to bolster renewables and phase out fossil fuel subsidies.
Crash of crude prices as virus tightens global grip may create challenges for firms relying on oil revenues as they finance a shift to green energy, IEA warns.
