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9 June 2021updated 05 Nov 2021 9:33am

Clean energy investment inadequate to reach net zero by 2050 – report

Investment in clean energy must accelerate massively and quickly, particularly in emerging markets, warns a report from the International Energy Agency.

By Energy Monitor Staff

Clean energy investment must triple by 2030 if the world is to get on track to reach net zero by 2050, says the International Energy Agency (IEA) in its World Energy Investment 2021 report.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Ayame hydroelectric dam in the Ivory Coast. (Photo by Issouf Sanogo / AFP via Getty Images)

The $750bn expected to be spent globally on clean energy technologies and efficiency in 2021 is far below what is required to put the energy system on a sustainable path, states the report.

The investment gap is particularly acute in emerging markets and developing economies. Not including China, these account for nearly two-thirds of the global population, but only-one third of global energy investment and one-fifth of clean energy investment. The agency’s executive director Fatih Birol described the emerging market investment gap as a “critical fault line in energy transitions”.

Investment in these markets is set to remain below pre-crisis levels in 2021, while  investment in energy globally is forecast to rebound by nearly 10% to $1.9trn, returning to pre-crisis levels.

Emerging markets and developing economies have a hard job on their hands as they will have to achieve a large increase in investment from a starting point of less fiscal space and more constrained access to finance, states the IEA report.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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