INDUSTRY REPORT
Despite such major challenges , the vision of a net-zero emissions world is increasingly coming into focus
operate in the same way as it has done so far , it would already lock in a temperature rise of 1.65 ° C .
“ Despite such major challenges , the vision of a net-zero emissions world is increasingly coming into focus . The ambitious pathway mapped out in the Sustainable Development Scenario relies on countries and companies hitting their announced net-zero emissions targets on time and in full , bringing the entire world to net zero by 2070 ,” said the report .
“ Reaching that point two decades earlier , as in the new Net Zero Emissions by 2050 case , would demand a set of dramatic additional actions over the next ten years . Bringing about a 40 % reduction in emissions by 2030 requires , for example , that low-emissions sources provide nearly 75 % of global electricity generation in 2030 , up from less than 40 % in 2019 – and that more than 50 % of passenger cars sold worldwide in 2030 are electric , up from 2.5 % in 2019 . Electrification , innovation , behaviour changes and massive efficiency gains would all play roles . No part of the energy economy could lag behind , as it is unlikely that another would be able to move fast enough to make up the difference ,” it added .
Capacity and supply
Global total installed generation capacity is forecast to increase from 7,180.60 GW in 2020 to 10,532.45 GW by 2030 at a 3.9 % CAGR . Total power investment is likely to grow from US $ 408.35 billion in 2020 to US $ 545 billion in 2030 at 2.9 % CAGR . These are the findings from the latest " Global Power Generation Forecasts 2020-2030 : Solar , Wind , Gas ,
Credit : Jason Richard ( Unsplash ).
Hydropower , Oil / Diesel , Nuclear , Biomass and Coal Markets " report . The study includes various distributed and centralised power sources by investment and discusses regional trends and future outlook for each power source .
“ In terms of power generation investment , the 2020s will continue a trend that has gained pace in the 2010s - the rise of renewable energy . The continued move away from carbon-intensive power will gain popularity as renewable energy sources become increasingly costcompetitive against fossil fuels . Increased investment in transmission and distribution lines , digital grid solution propositions and energy storage will minimize renewables ' curtailment in the future ,” said the report .
“ China and Asia-Pacific will lead in investment , as China seeks to minimize carbon emissions growth and Asia-Pacific invests in reducing the region ' s current supply deficit . Renewables , combined with nuclear power ( which will see high investment levels over the decade ), will account for 90 % of investment in 2030 ,” it continued .
For developing nations , coal is expected to continue to play an essential role in energy supply , even as new investment declines fast .
“ Total coal installed power is forecast to fall by 306.37 GW from 1,937.17 GW in 2020 to 1,630.80 GW in 2030 , when new coal investment will be close to zero . North America and Europe will dominate coal closures . High gas availability and lower prices will drive new investment in gas-fired plants , with capacity increasing by 417.4 GW between 2020 and 2030 ,” explained the report .
“ A limited number of gas-fired plants will go offline as they face economic challenges against renewable energy . The majority will still stay online past their operational life expectancy , thanks to advanced service and maintenance propositions . Solar PV installed capacity is forecast to increase by 2,063.26 GW , while wind power installed capacity rises by 915.27 GW between 2020 and 2030 ,” concluded the report . n
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