Analyst firm BloombergNEF has cautioned that Australia requires around A$2.4 trillion (US$1.6 trillion) investment to reach net zero, with solar PV and wind installations to reach 290GW by 2050.
Installed solar and wind capacity is set to treble from now until 2030, and treble again between 2030 and 2050 to reach 31TW, according to BloombergNEF (BNEF).
Solar PV accounted for 55.8% of the total power generation capacity added to the Indian grid in 2023, including fossil fuel additions which rose considerably over the year in response to growing electricity demand.
The Australian government’s start of competitive Contracts for Difference (CfD) tenders for dispatchable renewable energy capacity backed with energy storage is an unprecedented step for national energy policy.
North America will spend a cumulative US$12 trillion on renewable energy generation and its transmission by 2050, according to Norwegian-headquartered consultancy firm DNV.
The expansion of solar PV and battery storage is keeping the global net zero 1.5 degree pathway open, and the current host of planned manufacturing capacity expansions will be enough to meet demand by 2030.
Ghana will look to deploy around 150GW of solar PV capacity to achieve its net zero emissions target by 2060, a plan that represents US$550 billion in investment opportunities for companies and other nations
Europe’s main barrier to decarbonising its power supply by 2045 is its aging grid infrastructure, 40% of which is over 40 years old, according to a new report by European electricity industry body Eurelectric.
Investment in the global energy transition totaled US$1.1 trillion in 2022 according to analyst firm BloombergNEF, reaching parity with investment in fossil fuels for the first time ever.
Financial institutions have moved too slowly in increasing financing for renewables to help meet global 2050 commitments on net zero, said US environmental organisation Sierra Club.
