PS Lee’s Post

🌐 **Breaking News in Renewable Energy! 🌞** Exciting updates from the International Energy Agency (IEA): 🔍 **Key Takeaways:** - **Growth Surge:** Global renewable power capacity surged by 50% in 2023, hitting nearly 510 GW. - **Solar Dominance:** Solar PV led the way, contributing a staggering 75% of global additions. - **China's Impact:** China's growth is phenomenal, commissioning as much solar PV in 2023 as the entire world did in 2022. - **Global Projection:** The IEA predicts global renewable capacity to reach a whopping 7,300 GW by 2028. 🚀 **Noteworthy Achievements:** - **2025 Milestone:** Renewables poised to surpass coal as the largest global electricity source by early 2025. - **Tripling Goal:** Progress towards COP28's ambitious goal of tripling renewables by 2030 is evident, but there's more work to be done. 📈 **Exciting Outlook:** - **Accelerated Growth:** Accelerated policy implementation could boost renewable power capacity growth by 21%, aligning with the global tripling pledge. 🌍 **Regional Impact:** - **Solar and Wind Surge:** Anticipated doubling of solar PV and onshore wind deployment in the U.S., EU, India, and Brazil by 2028. 🔗 https://lnkd.in/eQHJQcgs Exciting times ahead as we witness the unstoppable rise of renewable energy! 💚🌍 #RenewableEnergy #CleanEnergy #Sustainability #ClimateAction #COP28Success

Tripling renewables by 2030 now out of reach? International Renewable Energy Agency (IRENA) has indicated that the world is at great risk of missing the 2030 triple renewables pledge made at COP28 despite an unprecedented increase in renewables capacity in 2023. “Renewable energy has been increasingly outperforming fossil fuels, but it is not the time to be complacent,” said IRENA director-general, Francesco La Camera. “Renewables must grow at higher speed and scale. Our new report sheds light on the direction of travel; if we continue with the current growth rate, we will only face failure in reaching the tripling renewables target agreed in the UAE Consensus at COP28, consequently risking the goals of the Paris Agreement and 2030 Agenda for Sustainable Development.” Discover the full story at: https://zurl.co/UFey #Renewables #COP28 #UAEConsensus #Solar #Wind #Geothermal #Hydropower #AfricaEnergy #AfricaRenewables

Renewables are reshaping the energy landscape, proving to be more than just environmentally friendly but economically advantageous too. A recent report by IRENA reveals the transformative impact of renewable power generation in 2020: 🌿 162 GW of added renewable power costs undercutting the cheapest fossil fuel option - a doubling from previous years. 🌿 Costs dropping significantly for technologies like onshore wind, offshore wind, CSP, and solar PV, offering affordable and sustainable energy alternatives. 🌿 Low-cost renewables not only outcompeting existing coal but creating a strong case for countries to transition to a net-zero economy. The report emphasizes the substantial cost savings of USD 156 billion to emerging economies over these projects' lifespan. This shift towards renewables not only saves money but also boosts job creation, economic growth, and supports climate goals. As we witness this monumental shift in the energy sector, it beckons us to consider the possibilities and implications of this sustainable transition. How do you feel about the increasing affordability and attractiveness of renewable energy sources over traditional fossil fuels? Share your thoughts and let's spark a conversation on the future of clean energy. https://lnkd.in/eESy7y69

'Spectacular' global renewables growth in 2023 Global renewable energy capacity hit 50% growth in 2023, its fastest growth rate for twenty years. Renewable capacity is on course to increase by 2.5 times by the end of the decade, keeping a key COP28 climate target of tripling renewable capacity within reach. Rapid growth in China’s solar industry was the main driver, while Europe, the US and Brazil also achieved impressive renewable energy growth. Read on at https://lnkd.in/dzdzb7Gs

International Energy Agency (IEA) Highlights Major Leap in Renewable Energy, Edging Closer to COP28 UAE Targets Key Impact Points: -Record Renewable Capacity Growth: In 2023, global renewable energy capacity grew by 50%, with solar PV constituting three-quarters of these additions, led by China. -Future Outlook: Under current policies, global renewable power capacity is expected to reach 7,300 GW by 2028, with renewables surpassing coal as the largest electricity source by 2025. -Tripling Renewables Goal: Although the IEA report shows promising growth, further efforts are needed to achieve the COP28 goal of tripling renewable capacity by 2030. -Challenges and Solutions: Key hurdles include scaling up financing in emerging economies, policy uncertainties, investment in grid infrastructure, and streamlining administrative processes. Fatih Birol #cop28 #iea #climate #energytransition #ESG #ESGNews

Global Renewable Energy Growth Falling Short Of COP28 Targets, Says Report The latest release of the Renewable Energy Statistics 2024 by the International Renewable Energy Agency (IRENA) highlights a stark reality: while renewables are the fastest-growing source of power worldwide, achieving the tripling target set at COP28 is increasingly uncertain. In 2023 alone, renewable energy capacity saw an unprecedented 14% increase, maintaining a 10% compound annual growth rate since 2017. This growth trajectory suggests renewables are on track to surpass fossil fuels in global installed power capacity. However, to meet IRENA’s ambitious 1.5°C Scenario goal of reaching 11.2 Terawatts (TW) by 2030, annual growth must accelerate to at least 16.4%. IRENA’s […] Read the full story here: https://lnkd.in/dGQaMdWx #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #cop28 #internationalrenewableenergyagency #irena #renewableenergy #solarenergy

❗ The world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, giving it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month, the International Energy Agency (IEA) said in a new report today. 🆙 The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions worldwide, according to Renewables 2023, the latest edition of the IEA’s annual market report on the sector. The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China’s wind power additions rose by 66% year-on-year. The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs, the agency said in the report. ❌ Unfortunately, according to Fatih Birol, International Energy Agency (IEA) Executive Director, it is not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap. However, it fuels the optimism, after the 2023 climate events that global renewable capacity is already on course to increase by two-and-a-half times by 2030. Here is more reported by Energy Connects: Massive expansion of renewable power opens door to achieving global tripling goal set at COP28

Global renewable energy capacity is forecast to reach 7 300 GW by 2028.: Congratulations to Fatih Birol Bey, Heymi Bahar Bey and full International Energy Agency (IEA) team for the compherensive ''Renewables 2023 report'' released today.: Global annual #renewable capacity additions increased by almost 50% to nearly 510 GW in 2023, the fastest growth rate in the past two decades. Globally, #solarPV alone accounted for three-quarters of #renewable capacity additions worldwide. #Triplingrenewablecapacity: Under existing policies and market conditions, global renewable capacity is forecast to reach 7300 GW by 2028 while #hydropower remains the largest #renewable #electricity source. This growth trajectory would see global capacity increase to 2.5 times its current level by 2030, falling short of the tripling goal. Governments can close the gap to reach over 11 000 GW by 2030 by overcoming current challenges and implementing existing policies more quickly. G20 countries account for almost 90% of global renewable power capacity. In the accelerated case, which assumes enhanced implementation of existing policies and targets, G20 could triple their installed capacity by 2030. As such, they have the potential to contribute significantly to tripling #renewables globally. To achieve the global goal, the rate of new installations needs to accelerate in other countries too, incl. many emerging and developing economies outside the G20, some of which do not have renewable targets and/or supportive policies today. The world is on course to add more #renewable capacity in next five years than has been installed since the first commercial renewable energy power plant was built more than 100 years ago. In the main case forecast in the report, 3 700 GW of new renewable capacity comes online over 2023‑2028 period. #Solar PV and #wind will account for 95% of renewable expansion, benefiting from lower generation costs than both fossil and non‑fossil fuel alternatives. Over the coming five years, several #renewable #energy milestones are expected to be achieved: -In 2024, #wind and #solar PV together generate more electricity than #hydropower. -In 2025, #renewables surpass #coal to become the largest source of electricity generation. -#Wind and #solar #PV each surpass #nuclear electricity generation in 2025 and 2026 respectively. -In 2028, #renewable #energy sources account for over 42 % of global electricity generation, with the share of wind and solar PV doubling to 25 %. #RenewableEnergy Metehan Ercömert #SolarEnergy Rabia Ercömert #Hydropower Taner Ercömert #Windpower #PumpedStorageHydropower #IEA Yasmina Abdelilah Laura Marí Martínez Ana Alcalde Eren Çam Tim Gould Timur Gül https://lnkd.in/dhRYPTHJ

Realistic Commitment or Empty promises: Will we ever hit the essential targets necessary to achieve global renewable goals? The latest Renewable Energy Statistics 2024 report from the International Renewable Energy Agency (IRENA) highlights a significant challenge: the world must accelerate its growth rate in renewables capacity to 16.4% annually through 2030 to meet the ambitious targets set at COP28. While renewable energy has become the fastest-growing source of power, this report signals that current efforts may not be sufficient to meet the tripling renewables target by the end of the decade. Securing investment and financing to build and grow available sources of generation and delivery infrastructure has continued to be a costly, complex, and competitive environment, further impacting the grid from transitioning more quickly from thermal generation to clean energy. The IRENA report serves as a wake-up call for the global community. Meeting the COP28 renewables target requires an unprecedented level of effort, innovation, investment and cooperation. It is essential to consider the multi-faceted approach needed to accelerate the growth of renewable energy and ensure a sustainable and equitable energy future for all. What are your thoughts on the strategies needed to achieve this accelerated growth rate? How can we balance the economic, technological, and social aspects of this transition? Let's discuss! #COP28 #Renewableinvestment #Projectfinance #structuredfinance #privateequity #

Quite a promising outlook! The installation of energy storage devices will need to fall in pace in order to having the energy available when needed (and not only when produced) and in order to stabilising the grids. Hydro pumped storage is clearly one of the means to do so. Keep developing these projects!