, APAC
Photo by Tim Foster from Unsplash

Energy transition accelerates globally but stalls from growth risks

Green energy is estimated to dominate global electricity generation by 2038.

Various energy transitions around the world have achieved critical momentum with continuous progress over the next decade, but several impediments have posed serious risks to its growth, a report finds.

In a study by EY, whilst green energy will dominate global electricity generation by 2038 and account for 62% of the power mix by 2050, the current quick progress is insufficient to keep global warming to its 1.5-degree Celsius target.

As the transition to renewables is moving at a quicker pace from multiple sources, a heavier push is needed to apply renewable energy to four key levers, as modelled by EY, technology advancement, commodity supply, consumer engagement, and government policy.

ALSO READ: Energy watchdog names new accreditation scheme operator

Low-carbon transition technologies will require $4.1t of yearly investments by 2050, four times the current levels. Even as fossil fuel use will peak by the end of the decade through hydrocarbons, policies should help improve invest appeal of low-carbon alternatives and accelerate the decarbonisation journey.

“While change is accelerating, it could easily stall due to the sheer complexity of the challenge ahead. Decarbonising a largely hydrocarbon-powered industrial sector is far more difficult, and our ability to tackle it will determine the ultimate success of the world’s transition to clean energy,” Serge Colle, Global Energy & Resources Leader at EY, said.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.