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Global Energy Outlook 2024: Peaks or Plateaus? (Resources for the Future (RFF)) — Harmonizes 16 scenarios across eight energy outlooks published in 2023 (plus two historical datasets) to assess a broad scope of potential paths for the global energy system. Key findings (April 2024):

• A “true energy transition,” not green energy additions, is necessary to limit warming to 1.5°C or 2°C by 2100.
• All scenarios, including those consistent with 1.5°C by 2100, show substantial global fossil fuel consumption through at least 2050 (though in many scenarios fossil fuel use reaches its highest point before 2030).
• Several ambitious climate scenarios (those limiting warming to <2°C) show global fossil fuel use of roughly 100 quadrillion BTU in 2050 (slightly higher than total U.S. primary energy demand).
• If fossil fuels are not phased out of the energy system, limiting warming to international targets will require a substantial scale-up of carbon removal technologies.
• Coal demand declines relative to 2022 in all 16 scenarios, ranging from 2% to 93% lower by 2050.
• Global electricity demand is projected to grow substantially under all scenarios, while the share of electricity generated by fossil fuels declines.

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80% of global CO2 emissions from fossil fuels and cement from 2016 through 2022 can be linked to 57 producers, according to a new report by InfluenceMap. It also found that 65% of state-owned and 55% of investor-owned fossil fuel companies produced more fossil fuels in the seven years after the Paris Agreement (2016-2022) than the seven years before its adoption (2009-2015). (April 2024)

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Catalysing the Global Opportunity for Electrothermal Energy Storage (Systemiq) — Explores how regulators and policymakers can accelerate the adoption of electrothermal energy storage (ETES), electrifying industrial heat processes and storing that energy as heat. ETES could help decarbonize industrial heat, reduce energy costs, and better utilize intermittent renewable energy sources. The report estimates that ETES could reduce up to 40% of 2022 global gas use and 14% of GHG emissions by mid-century. This will require policymakers accelerating its uptake, such as through reforming grid fees and taxes, helping to fast-track grid connection for flexible demand technologies, and ensuring that ETES is eligible for industrial decarbonization support schemes. (March 2024)

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The U.S. is partially on track for a reduction of 37-42% of net greenhouse gas emissions by 2030 (relative to 2005) based on new analysis from the Clean Investment Monitor (CIM). Zero emission vehicle sales grew to 1.43 million in 2023 (9.2% of total light-duty vehicle sales), at the high end of researchers’ projections. A record 32.3 GW of zero-carbon electricity generation and storage were also added in 2023, but this was significantly below researchers’ projected annual additions of 46-79 GW in 2023 and 2024 needed to stay on track with U.S. climate change goals. (Feb 2024)

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Sectoral Assessment of Multiple Emission PATHways (SAMEpath) (Allianz Research) — Provides granular analysis of the transition pathway needed for more than 50 industries worldwide, charting the required emission reductions and investments needed to achieve 1.5°C commitments. It also examines how the speed of implementation can vary by region, country, and sector, and draws both on existing climate analyses and Allianz Research’s own calculations. Users can customize data searches and identify transition risk in various scenarios and sectors. (Feb 2024)

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Bold Measures to Close the Climate Action Gap (World Economic Forum (WEF) and Boston Consulting Group (BCG)) — Outlines systemic actions from corporations and governments to address the 600+ gigaton gap in national emission reduction ambition and policy needed to keep the 1.5°C target alive. Corporate actions include:

• Accelerate supplier decarbonization (well over 10% of global emissions are in the supply chains of the 1,000 largest companies globally).
• Enable customers to make greener choices (as reducing the first 50% of many products’ emissions can be achieved with an end-price impact of under 1%).
• Drive change with peers in their industry, especially in supply chain ‘pinch points’ (as 10 players or less control more than 40% of many key markets).
• Engage in cross-industry partnerships, especially large-scale buying groups (as mobilizing less than 10% of the 1,000 largest companies’ capital expenditure and purchases could close the climate funding gap).
• Advocate and support bolder policies (as the advocacy of 95% of global companies is currently either misaligned with the Paris goals or sending mixed signals).

Government actions include: putting a price on carbon; accelerating net-zero targets; increasing financing and green procurement; removing obstacles; and considering “more drastic measures” if progress remains too slow. (Jan 2024)

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Full delivery of COP28 pledges by around 130 nations tripling renewables and doubling energy efficiency, and by 50 companies zeroing-out methane emissions and eliminating flaring would result in global energy-related GHG emissions in 2030 being around 4 gigatonnes of CO2 equivalent lower than would be expected without them, according to analysis by the International Energy Agency. This reduction represents around 30% of the emissions gap that needs to be bridged to get the world on a 1.5°C pathway. (Dec 2023)

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2030 Climate Solutions: Implementation Roadmap (UN Climate Change High-Level Champions and the Marrakech Partnership for Global Climate Action) — Provides a set of climate solutions that can be scaled up and replicated over the next seven years (until 2030), as well as current gaps that need to be addressed to halve global emissions, respond to adaptation gaps, and increase resilience. The report is divided into eight sections: energy; transport; industry; land-use; ocean and coastal zones; water; human settlements; and finance. (Dec 2023)

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Most national net zero targets do not include plans to phase out fossil fuels, says the first global benchmark of fossil fuel phase out plans, conducted by Net Zero Tracker. The benchmark covers commitments by 1,525 companies, cities, regions and countries to phase-out the exploration, production, and/or use of coal, oil or gas. The absence of phase out plans runs counter to the International Energy Agency (IEA)’s Net Zero pathway, which calls for no new fossil fuel development from now on, as coal, oil and gas must fall by 95%, 60% and 45%, respectively, by 2050 to keep the 1.5°C limit in range. The study also finds that the lack of plans is encouraging the expansion of fossil fuels. (Dec 2023)

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Global renewable energy capacity is on track to reach 7.3 Terawatts (TW) based on current national targets, according to a new report by Ember. This is 2.1 times the current global renewable capacity, but to triple renewables by 2030, the world would need to increase renewables deployment by 17% every year, from 500 GW in 2023 to 1.5 TW in 2030. A parallel report by Bloomberg NEF also finds the goal of tripling renewable energy by 2030 “hard but achievable,” and would require an average investment in renewable energy of $1.175 trillion per year until 2030 (up from $564 billion in 2022), and investment in power grids to rise to $777 billion in 2030. (Dec 2023)

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Global temperatures are on track to increase between 2.0 and 4.0°C by 2100, with a likely range of 2.3 to 3.4°C and a mean of 2.8°C, according to the Rhodium Climate Outlook. The report also projects that while fossil fuels peak this decade, there is a strong chance (83%) that the decline in fossil fuel consumption plateaus after 2060 at 60% of today’s levels. The report also finds there is a 50% chance that after mid-century, fossil fuels begin to rise again, driven by natural gas demand, slowing use of coal in industry, and a rebound in oil consumption for aviation, shipping, and plastic demand. (Dec 2023)

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Fossil Fuels in Transition: Committing to the phase-down of all fossil fuels (Energy Transitions Commission (ETC)) — Presents scenarios to dramatically reduce oil, gas and coal emissions from production, transport and processing of fossil fuels (scope 1 and 2 emissions), with CO2 emissions cut by 50% and methane 75% by 2030, reaching near-zero by 2050. This requires reducing demand and supply, of 80-85% for coal, of 55-70% for natural gas; and of 75-95% for oil by 2050. The report also finds that carbon capture and storage cannot “justify business as usual for fossil fuel production.” Rather, 65% of oil and gas reserves and 90% of coal reserves must remain untapped. Thus, investments in fossil fuel supply should decline 30-35% by 2030 and 45-65% by 2040, and exploration of new oil and gas fields should be ceased. The report concludes with recommendations for governments, fossil fuel companies, and financial institutions. (Nov 2023)

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Production Gap Report 2023: Phasing down or phasing up? (SEI, Climate Analytics, E3G, IISD, and UNEP) — Governments, in aggregate, still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C, according to this new assessment of the world’s 20 largest energy-producing countries (making up 82% of production and 73% of consumption). Government plans would lead to an increase in global coal production until 2030 and oil and gas production until at least 2050. While major producer countries have pledged to achieve net-zero emissions and launched initiatives to reduce emissions from fossil fuel production, none have committed to reduce coal, oil, and gas production in line with limiting warming to 1.5°C. And all the initiatives, including signing the Global Methane Pledge and launching the Net Zero Producers Forum, “while important, are also deeply insufficient,” according to the report. The report calls for a near total phase-out of coal production and use by 2040 and a combined reduction in oil and gas production and use by a minimum of 75% by 2050 from 2020 levels. The second half of the report includes two-page summaries of the 20 governments’ plans and policies for fossil fuel production. (Nov 2023)

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The State of Climate Action: Major Course Correction Needed from +1.5% to -7% Annual Emissions (Alliance of CEO Climate Leaders) — Finds that in order to limit global warming to 1.5°C, emissions must be cut back by 7% each year from now until 2030. This will require “dramatic action,” including shorter-term net zero national and corporate commitments, faster deployment and funding of green technologies, and stronger global collaboration. As the report notes, only 35% of global emissions are covered by net-zero targets for 2050, and fewer than 20% of corporate targets of the world’s 1,000 largest companies align with a 1.5°C target. Additionally, the report points to a $2 trillion gap in yearly climate funding, with critical gaps in early technologies and infrastructure. To shift this trajectory, the report proposes a series of actions including: bolder national and corporate commitments; carbon pricing; strengthened incentives for technology and infrastructure; and increased climate financing for the Global South. (Nov 2023)

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Building a Nature-Positive Energy Transformation (World Wildlife Fund (WWF) and the Boston Consulting Group (BCG)) — Estimates the energy transition’s overall impact through 30 key metrics across eight impact areas: air quality, water quality, ecosystems and biodiversity, area footprint, water use, free flowing rivers, society and human wellbeing, and mining. The results demonstrate that across those metrics, a Rapid Transition is 2-16 times better for nature and society as the business-as-usual scenario. This is especially pronounced with air and water quality, biodiversity loss, and land lost and degraded from climate impacts, among other indicators. Additional benefits of a Rapid Transition include: twice as many jobs projected to be created; and $2 trillion will be avoided in infrastructure damage by reducing climate disaster frequency and intensity. The report notes that in a fossil fuel-powered future, land lost to flooding, fires, and desertification will be “considerably larger” than the footprint for renewable energy development. It also identifies ways to prevent additional demands on water use, rivers, and land from renewable energy development. (Nov 2023)

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World Energy Outlook 2023 (International Energy Agency) — Forecasts energy developments and projects in 2030 where clean technologies play a “significantly greater role than today.” Already in 2023, more than $1 billion a day is being spent on solar development, more than 500 GW of renewables generation capacity is set to be added, and one in five cars sold globally was electric (up from 1 in 25 in 2020). Based on current policy settings of governments, in 2030 (Oct 2023):

• There will be almost 10 times as many electric cars on the road worldwide.
• Solar PV will generate more electricity than the entire U.S. power grid currently generates.
• Renewables’ share of electricity will near 50%, up from around 30% today.
• Heat pumps and other electric heating systems will outsell fossil fuel boilers.
• There will be three times the investment into new offshore wind projects as coal- and gas-fired plants.
• And fossil fuels will have peaked, with the share of fossil energies declining from 80% to 73% by 2030, with global energy-related CO2 emissions peaking in 2025.

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The world may have crossed an “irreversible solar tipping point” where solar energy gradually “comes to dominate global electricity markets,” even without further climate policies, according to a new study in Nature Communications. Based on a model using data from 70 regions, 72% of simulations found that solar made up the majority of power generation in 2050. Uncertainties do arise from grid-stability, availability of finance, supply chain capacities, and political resistance, though policies could resolve these. (October 2023)

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Electricity Grids and Secure Energy Transitions (International Energy Agency (IEA)) — The world must add or replace 80 million km (50 million miles) of grids by 2040 to meet national climate targets and support energy security, according to this first-of-its kind analysis. This is an amount equal to the entire existing global grid. Annual investments needs to double to more than $600 billion a year by 2030, and significant changes to how grids are operated and regulated are also essential. The report includes a new scenario, the “Grid Delay Case,” that explores what would happen if grid investment and regulatory reforms fail to keep up with the energy transition. This finds that CO2 emissions between 2030 and 2050 would be 60 billion metric tons higher due to a slowed rollout of renewables. The report recommends governments updating regulation, backing large-scale transmission projects and strengthening interconnections between countries; and for developers and operators to embrace grid digitalization to enable increased grid resilience and flexibility. (October 2023)

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Energy Transition Outlook 2023 (DNV) — Global energy-related CO2 emissions will be 46% lower in 2050 and in 2030 only 4% lower than today, putting the world on track for 2.2°C of warming by 2100, according to DNV’s seventh edition Energy Transition Outlook. Other forecasts include:

• Global energy-related emissions are still climbing and are only likely to peak in 2024.
• From 2017-2022 renewables met 51% of new energy demand and fossil sources 49%, but in absolute terms, fossil-fuel use is still growing.
• By 2050, the current energy mix of 80% fossil, 20% non-fossil will shift to a 48%/52% ratio.
• From 2025 on, almost all net new capacity added will be non-fossil, with new fossil production in low- and medium-income countries largely being nullified by reductions in high-income countries.

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Net Zero Roadmap: A Global Pathway to Keep the 1.5°C Goal in Reach (2023 Update)(International Energy Agency (IEA)) — This updates IEA’s 2021 Net Zero Roadmap, factoring in new trends, including the energy crisis triggered by Russia’s invasion of Ukraine, growing energy sector CO2 emissions, and progress in renewable energy development and deployment. The report maps out a pathway to reach Net Zero Emissions by 2050 (NZE Scenario). It projects that fossil fuel demand will peak this decade, even without new climate policies due to rapid expansion of cleaner energy technologies. It also finds that the world already has the technologies needed to get 80% of the way to Net Zero, specifically energy efficiency, electrification, and methane emissions reductions (which alone could reduce emissions 20%). The report also calls for a tripling of renewables capacity by 2030 to 11,000 GW, and concludes clean energy funding would need to grow from $1.8 trillion in 2023 to $4.5 trillion annually by the early 2030s to be aligned with its NZE pathway.

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The world achieved a decarbonization rate of 2.5% in 2022, meaning a year-on-year decarbonization rate of 17.2% is now required to limit average global warming to 1.5°C above pre-industrial levels, according to PwC’s Net Zero Index 2023. That’s nearly seven times faster than the current rate, and up from the Index’s previous decarbonization rate of 15.2%. (Sept 2023)

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No country is progressing adequately toward transitioning from fossil fuels to renewable energy generation, according to a new assessment of 16 countries by Climate Action Tracker. The report does point to some positive steps, such as the UK being on track to phase out coal by 2024. (Sept 2023)

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Technical dialogue of the first global stocktake. Synthesis report by the co-facilitators on the technical dialogue (United Nations Framework Convention on Climate Change (UNFCCC)) —  The UNFCCC published a technical report on the first global assessment of collective progress toward achieving the Paris Agreement, and found that “the world is not on track to meet the long-term goals of the Paris Agreement.” The report, which will play a role in setting countries’ next Nationally Determined Contributions (NDCs) in 2024-25, summarizes 17 key findings from the discussions, covering topics that include mitigation and adaptation, sustainable development, renewable energy and cleaner technologies, just transitions, and climate finance. It finds that while there are challenges, there are “many actionable solutions and creative suggestions…ready to be implemented.” (Sept 2023)

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The Energy Transition Blueprint (Boston Consulting Group (BCG))  — Finds that financing for the energy transition and to put the world on course for net-zero emissions is $18 trillion short of the $37 trillion needed. The report notes that renewables and low-carbon applications need to increase from 12% of the global energy supply in 2021 to 50-70% by 2050, which is about three times faster than previous energy transitions. The report examines five technology levers that can help deliver the transition: increasing energy efficiency; electrifying end uses, decarbonizing the power supply; using lower carbon fuels in hard-to-abate use cases; and deploying carbon capture and sequestration technologies. (Sept 2023)

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Energy-related CO2 emissions will be 25 billion metric tons in 2050, more than twice the 11 billion tons needed to meet the Intergovernmental Panel on Climate Change’s 2°C scenario, according to the ExxonMobil Global Outlook. That is a 25% reduction from the more than 34 billion ton peak expected sometime this decade, but not enough to reach Paris Agreement goals.  The outlook also projects the global economy to double, wind and solar to increase to 11% of the global energy supply (five times its current level) and that oil and natural gas will continue to meet 54% of the world’s energy needs in 2050. (Sept 2023)

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Shaping a Living Roadmap for Energy Transition (International Energy Forum (IEF) and S&P Global Commodity Insights) —  The report summarizes findings from 11 dialogues with a wide spectrum of stakeholders around the Global South and the Global North, to engage with more diverse voices about the trajectory of the energy transition. The dialogues revealed that expectations of a linear global transition of the energy system following a single net-zero path globally will be very difficult to achieve. Instead,  a multidimensional approach is required that is inclusive of different situations in different parts of the world, reflecting varied starting points, diversity of policy approaches; and is equitable. The report also explores five potential avenues for solutions, including: greening finance; affordability and energy security; infrastructure and supply chain bottlenecks; the need for new policy frameworks and tools; and collaboration, partnerships, and engagement. (Aug 2023)

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Cross currents: charting a sustainable course for offshore wind (Wood Mackenzie) —  The global offshore wind supply chain will require $27 billion of secured investment by 2026 if it is to meet a fivefold growth in annual installations (excluding China) by 2030. This forecasts annual capacity additions of 30 GW by 2030, ten times the annual additions between 2015 and 2021 (and five times 2023 additions). Governments globally have announced 135 offshore targets requiring annual additions of 77 GW by 2030 (an unrealistic amount according to the report and one requiring $100 billion of investment).  Even 30 GW/year will prove unrealistic “if more immediate investment in the offshore wind supply chain doesn’t happen soon.” However, low offshore margins (made worse by inflationary pressures and higher commodity input costs) make the investment case more challenging. (Aug 2023)

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Accelerating the Energy Transition (Bureau Veritas) —  Explores the major barriers to accelerating the energy transition and practical solutions to removing them, based on a survey of over 800 market experts and industry leaders from the global energy sector. Key insights (Aug 2023):

• 98% say regulatory issues are among their top three barriers; 50% point to a lack of available and feasible project sites as a major barrier; and 34% say a lack of supply chain resilience.
• 90% say geographical concentration of supply chains is among their biggest challenges.
• 70% say they are struggling to recruit skilled engineers, technical staff, and construction managers.
• 50% cite supplier quality issues as their top supply chain issue and say they lack resources to monitor components in their supply chain.
• 85% believe effective government policy has the greatest potential to accelerate the transition.
• 36% say fast-tracking of development and permitting is the policy initiative that would have the biggest impact on accelerating the energy transition. 26% say harmonizing the regulation of emissions and carbon.

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Of 50 energy system components critical for the clean energy transition, three were evaluated as fully “on track” with the International Energy Agency’s Net Zero by 2050 Scenario trajectory, according to the IEA’s Tracking Clean Energy Progress 2023 report. These include solar PV, electric vehicles, and lighting. Solar was upgraded to this category this year as it now aligns after annual growth in generation reached 26% in 2022. In 2022, electric vehicle sales grew by 55% reaching a record of 10 million. 2022 also saw progress in deployment of LEDs, with about 50% of global residential lighting sales using LED technology.  The buildings sector also saw significant progress, supported by new adoption of supportive technologies and policies, upgrading this component from “not on track” to “more efforts needed.” (July 2023)

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Fostering Effective Energy Transition 2023 (World Economic Forum) —  While the global average score in the Energy Transition Index (which benchmarks countries on their current energy system performance and provides a measure of transition readiness) continues to grow, growth has plateaued over the past three years, due to rising challenges to the equity and inclusiveness of the transition. Energy market volatilities from macroeconomic and geopolitical developments have led to extreme price shocks, exacerbating energy poverty and stalling energy access. Low-income countries have been disproportionately affected.  Nordic countries continue to lead the index (with Sweden, Denmark, Norway, and Finland taking the top four spots), scoring high on both system performance and transition readiness. China, the world’s largest energy producer, gained 43% in the past decade in its transition readiness score, more than double the global average of 19%.  Only 41 countries have made steady progress in the past decade. (July 2023)

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The oil and gas sector has made “almost no progress” toward the Paris Agreement goals since 2021, according to the Oil and Gas Benchmark. Of the 99 companies included, only 12% of assessed Scope 1 and 2 emissions have decreased on track to limit global warming to 1.5°C.  With methane emissions, only 29% of companies have even disclosed targets to reduce emissions by 2030. Companies continue to commit money toward drilling and extraction, which are predicted to increase total production by 9% from 2021, peaking in 2028.  Over half of companies still link executive compensation or incentives to the growth of fossil fuels. Only 18% have Scope 3 emission targets. 25% of companies report how much of their capital expenditure is invested in low-carbon technologies, with these companies, on average, dedicating around 18% to decarbonization. (July 2023)

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Tracking SDG7: The Energy Progress Report 2023 (International Energy Agency et al.) —  Despite some progress, the world is not on track to achieve the Sustainable Development Goal (SDG) 7 for ensuring access to affordable, reliable, sustainable and modern energy by 2030. Key findings include (June 2023):

• 91% of the world’s population had access to electricity in 2021, up from 84% in 2010;
• 567 million people in sub-Saharan Africa did not have access to electricity in 2021, accounting for 80% of the global population without access;
• Renewable electricity use has grown from 26.3% in 2019 to 28.2% in 2020, the largest single-year increase since tracking the SDGs;
• Up to 2.3 billion people still use polluting fuels and technologies for cooking (down from 2.9 billion in 2010), contributing 3.2 million premature deaths a year;
• Energy intensity improved 1.8% annually between 2010 and 2020, higher than previous decades. However, improvement slowed in recent years and dropped 0.6% in 2020;
• International public financial flows in support of clean energy were $10.8 billion in 2021, 35% less than the 2010 to 2019 average, and only about 40% of the 2017 peak of $26.4 billion.

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Progress in global energy efficiency reached 2.2% in 2022, twice the average of the previous five years, according to the International Energy Agency (IEA). The report credits new or strengthened efficiency policies; surging sales of energy efficient technologies such as heat pumps, sales of which increased by over 10% globally in 2022, and EVs, which constituted 14% of global car sales in 2022; and burgeoning efficiency investments, which are expected to reach more than $600 billion in 2023, a record. Doubling efficiency, to align with the IEA’s Net Zero Scenario would lower CO2 emissions from fuel combustion by almost 11 Gigatons by 2030, almost a third of current emissions. (June 2023)

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The Effect of Multinational Enterprises on Climate Change (World Bank) —  157 multinational enterprises (MNEs) jointly account for up to 60% of global industrial emissions, with 10% coming from MNEs’ direct activities and 50% from their supply chains. The report finds that most of these 157 are insufficiently committed to decarbonizing production and supply chains. Only 25% have a Net Zero by 2050 commitment, 20% have a long-term strategy, 13% a medium term strategy, 5% a short term strategy, and none have a capital allocation strategy that aligned to Net Zero by 2050. However, MNEs are shifting their new investments to green sectors and avoiding polluting sectors. Foreign direct investment (FDI) in green sectors has increased 700% while FDI in polluting sectors declined 80% between 2003 and 2021. The report concludes with  5Ps to shape MNEs’ impact on climate change: patrolling (monitoring emissions); prescription (regulate); penalties (taxes); payments (incentives); and persuasion (corporate commitments). (May 2023)

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The State of Clean Technology Manufacturing (International Energy Agency (IEA)) —  Clean energy technology manufacturing is expanding rapidly, with the projected output in 2030 for solar PV projects increasing by 60% and for batteries by 20% since late 2022. The report found that if all announced solar projects come to fruition the capacity would exceed deployment needs of IEA’s Net Zero Emissions (NZE) Scenario by 2050 scenario for 2030.  For the first time, announced battery projects could cover virtually all of the 2030 global deployment needs for the NZE Scenario. Wind, however, reaches only 30% of NZE deployment levels.  Though only around 25% of announced PV projects and 30% of battery projects can be considered committed (having already started construction or reached a final investment decision). The report also found that manufacturing operations are highly geographically concentrated with China making up 60-80% of global manufacturing for solar PV, batteries, and wind, percentages that do not change significantly with announced projects. (May 2023)

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Global Energy Outlook 2023 (Resources for the Future (RFF)) —  Provides a unique “apples-to-apples” comparison of energy projections by top institutions around the world. The outlook unifies metrics and baselines allowing for comparison between energy reports from BP, ExxonMobil, IEA, OPEC, Bloomberg NEF, and others. Key findings include (April 2023):

• Global energy demand has rebounded from the COVID-19 pandemic. Demand for all fuels, including coal, oil, and natural gas, has met or exceeded all-time highs;
• There is a record level of investment in clean energy technologies ($1.1 trillion in 2022, up 31% from 2021). But investment will need to accelerate, and fossil fuel use will need to decline, to meet climate goals.
• National ambition and policy developments are laying the foundation for a global energy transition. However, it’s unclear how quickly, and at what scale, public- and private-sector ambition will result in tangible changes at a global scale. 

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At least $21.4 trillion needs to be invested in the electricity grid by 2050 to support a net-zero trajectory for the world, according to a new report from BloombergNEF (BNEF). This includes $4.1 trillion to sustain the existing grid and $17.3 trillion to expand the grid for new electricity consumption and production. This would mean annual investment growing from $274 billion in 2022 to $871 billion from 2040 to 2050, which will require significant policy intervention, including streamlining the permitting process. (April 2023)

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Global investments in energy transition technologies must grow from $1.3 trillion to around $5 trillion annually for global temperature to stay on the 1.5°C pathway agreed to in the Paris climate accord, says the  International Renewable Energy Agency (IRENA). By 2030, cumulative investments should reach $44 trillion, with 80% ($35 trillion) prioritizing efficiency, electrification, grid expansion and flexibility.  Renewable energy deployment must grow from 3,000 GW to over 10,000 GW in 2030, an average of 1,000 GW each year. (April 2023)

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AR6 Synthesis Report: Climate Change 2023 (IPCC) —  This synthesis report of the IPCC’s sixth assessment report (AR6) finds that while climate change is “a threat to human well-being and planetary health,” mainstreaming effective and equitable climate action now will reduce losses and damages for nature and people. There are multiple, feasible, and effective options available to reduce greenhouse gas (GHG) emissions and adapt to climate change — including in ways that provide co-benefits, such as improving health and livelihoods, reduce poverty and hunger, and provide clean energy, water, and air.  The report finds that governments must aim for cutting GHG emissions 60% by 2035 compared to 2019 levels (and that emissions must peak before 2025) to sustain a 50% chance of meeting the 1.5°C target. However, implemented policies “fall short of the levels needed to meet climate goals across all sectors and regions.” As the Summary for Policymakers notes, “There is a rapidly closing window of opportunity to secure a livable and sustainable future for all.” And  “The choices and actions implemented in this decade will have impacts now and for thousands of years.”

To read more: Short slide deck overview; Headline findings; and key report graphic. (March 2023)

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Risk of the Hydrogen Economy for Atmospheric Methane (Nature Communications) —  Modeling the effect of hydrogen emissions on atmospheric methane, this research finds that the same molecule primarily responsible for breaking down methane (OH) reacts to hydrogen. This means if hydrogen emissions exceed a certain threshold, this shared reaction will likely lead to methane accumulating in the atmosphere, with significant and long-term climate consequences. The risk for harm is compounded for hydrogen production methods using methane as an input, highlighting the critical need to manage and minimize emissions from hydrogen production. In that case, leakage rates would have to be kept under 0.5% for methane and 4.5% for hydrogen to avoid increasing atmospheric methane concentrations. (March 2023)

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National Transmission Needs Study (U.S. Department of Energy) —  This draft report finds that U.S. transmission capacity will need to increase by 57% by 2035, a total of 47,300 GW-miles, to accommodate clean energy growth (moderate load with “high clean energy assumptions”). In a high-load, high clean energy scenario, the U.S. transmission system would need to double by 2040 (with a median 115,000 GW-mile projection). While not offering solutions, the report reviews historical transmission system data from 2011 to 2020 to demonstrate national and regional needs for additional capacity.  Comments on the draft report are due 20 April and can be submitted here. (March 2023)

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BP Energy Outlook 2023 (BP) — Assesses three energy system scenarios to 2050: Accelerated; Net Zero; and New Momentum, with the last reflecting current system trajectory.  All three include reductions in total CO2 emissions of 75%, 95%, and 30% respectively (relative to 2019 levels). The Accelerated and Net Zero scenarios also see significant drops of 15% and 30% in total energy consumption, while in New Momentum consumption grows 10%. The share of fossil fuels also falls from 80% (in 2019) to between 20% and 55% in 2050, while renewables grow from 10% to between 35% and 65%. Electrification of the energy system also grows, from about a fifth in 2019 to between a third and half by 2050. This 2023 edition is based primarily on the 2022 report but factors in the Russia-Ukraine War and the Inflation Reduction Act. (Feb 2023)

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A Supply Chain Road Map for Offshore Wind Energy in the United States (National Renewable Energy Laboratory) —  Deploying 30 GW of offshore wind energy (more than 2,100 turbines) by 2030, as the Biden Administration aspires to, requires domestic supply chains to be rapidly scaled-up and at least $22.4 billion in infrastructure investments. This report by NREL describes how a fully domestic offshore wind energy supply chain could develop in the U.S., including examining the major barriers that could prevent or delay supply chain expansion and the potential solutions that could help overcome these challenges. The report also presents a scenario for developing a domestic supply chain estimating the number of required manufacturing facilities, ports, and vessels that would need to be developed by 2030 to support an annual deployment of 4–6 GW of wind capacity, which would put the U.S. on a pathway to installing 110 GW by 2050. (Jan 2023)

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Securing the Energy Transition (World Economic Forum) —  Proposes 10 key actions to align immediate responses to the current energy crisis with long-term goals and a framework to prioritize energy security for a just and sustainable energy transition. Rather than increasing coal-based production or broad consumption subsidies to address the energy crisis, responses should prioritize: increasing renewable energy investments; plugging methane leaks; maximizing electrification; driving consumption efficiencies; nudging consumers to use energy more responsibly; and leveraging the excess profits made by energy companies in 2022 to bridge the clean energy investment gap. (Jan 2023)

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Oil and Gas Project: Expert Advisory Group Review Evaluation Report (Science Based Targets initiative (SBTi)) —  As part of its ongoing development of sector-specific decarbonization methodologies for the oil and gas (O&G) sector, SBTi summarized input received from a specially-convened expert advisory group (EAG). The report details key findings from the EAG, including issues that required no changes, ones where improvements were suggested, and those that need further evaluation. (Jan 2023)

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2022 was the fifth warmest year on record (after 2016, 2020, 2019, and 2017 respectively), with average global temperatures 1.2°C higher than pre-industrial times, according to Copernicus Climate Change Service. 2022 was Europe’s second warmest year and warmest summer on record, which contributed to drought and resultant disruptions in agriculture, transport, and energy production. The UK also had its warmest year on record since 1884. Measurements also reached a record on the UK’s  Central England Temperature series, the world’s longest, which started in 1659. (Jan 2023)

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New Energy Outlook 2022 (BloombergNEF)  — Examines two scenarios in which the world’s energy system may evolve between now and 2050. In the Economic Transition Scenario, in which no new policy accelerates the clean energy transition, renewable energy and transport electrification eliminates about half of the world’s energy-related emissions in 2050, driven by dramatic cost reductions in renewable technologies. Wind and solar make up about two-thirds of the world’s power generation by 2050. However, in this scenario, emissions have fallen only 29% bringing the world 2.6°C in warming. In the Net Zero Scenario, the world can peak at 1.77°C and achieve net zero by 2050. Half of this emissions reduction comes from shifting from fossil fuels to renewables (with wind making up 48% of generation and solar 26%). Electrification of transport and industrial processes, buildings and heat plays the next largest role in emissions reductions, abating about a quarter of emissions. However, achieving this Net Zero Scenario will take an accelerated deployment of mature climate solutions, managing the phase-out of carbon-intensive actions, scaling up the supply of critical material, and other key actions. (Dec 2022)

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Coal in Net Zero Transitions (International Energy Agency) —  Provides comprehensive analysis of what it would take to bring down global coal emissions rapidly enough to meet international climate goals while supporting energy security and economic growth, and addressing the social and employment consequences of the changes involved. The report looks at total coal-generating capacity (9,000 power plants generating 2,185 GW) and the relatively young age of coal power plants in the Asia Pacific region (less than 15 years old on average). To achieve net zero by 2050 and limit warming to 1.5°C, coal use will need to fall 90% by 2050. As the report finds,  stopping the addition of new plants is key, but far from sufficient, nor are favorable conditions for renewables, as coal plants are often shielded from market competition. (Nov 2022)

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92% of developing countries have set long-term, time-bound renewable energy targets, up from 82% in 2021 and 67% in 2019, according to BloombergNEF’s 2022  Climatescope survey. Of 107 developing countries and emerging markets surveyed, BloombergNEF found that at least 56% of emerging markets now have policies to hold reverse auctions for clean power delivery (where multiple sellers bid, typically lowering the price), 53% have put net metering policies in place, and 30% have established feed-in tariffs, all up from 2021. (Nov 2022)

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Fifth National Climate Assessment (U.S. Global Change Research Program) —  This new draft report finds that the U.S. cut greenhouse gas emissions by 12% from 2007 to 2019, driven by renewable energy and increased energy efficiency. However, to achieve net-zero by 2050,  the U.S. will need to reduce emissions 6% every year. The report also detailed the climate impacts the U.S. is already experiencing, from drought, wildfires, heatwaves, and other extreme events.  The draft report is open for public comment until January 27th. (Nov 2022)

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Net-Zero 2050: U.S. Economy-Wide Deep Decarbonization Scenario Analysis  (Low-Carbon Resources Initiative (LCRI)) —  Affordably and reliably achieving net-zero across the U.S. economy by 2050 could require significant growth of new electricity generating capacity, from 160% to 480% of current levels, according to a new modeling study. That represents an increase of 1,650 GW to 4,860 GW, with 1,140 GW to 1,450 GW of firm capacity (such as natural gas with CCS, nuclear, hydrogen, geothermal, bioenergy and bulk energy storage), and 800 GW to 3,700 GW of variable capacity (such as wind and solar),  up from the current 200 GW. (Nov 2022)

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Global Energy Transformation Guide: Electricity (RMI) —  Provides a comprehensive review of the clean electricity transformation in 50 countries, showing that a mix of policies, market innovations, technology advances, and financial solutions are succeeding globally to accelerate the energy transition while expanding energy access and promoting sustainable development.  The guide consists of three reports: Points of Progress, Fossil Fuel Transition Strategies, and Market Structures. (Nov 2022) 

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SystemsChangeLab.org (Systems Change Lab) —  An open-source data platform to track global progress on key transformational changes across major systems, including power, industry, transport, finance, and carbon removal. The platform identified more than 70 shifts within these five systems, and offers a data-rich “virtual situation room” that showcases research, analysis, interactive dashboards and data visualizations based on System Change Lab’s State of Climate Action 2022 report. (Nov 2022)

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An Investor’s Guide to Net Zero by 2050 (BNY Mellon Investment Management / Fathom Consulting) —  Finds that $100 trillion in capital investment is needed to achieve net-zero global emissions by 2050. This is about a fifth of total anticipated investments over that period. Much of these investments will add to the world’s existing capital stock (supporting future economic growth) or replace existing assets as they depreciate. Thus this investment will mostly take the place of otherwise planned investment, according to the report. However,  this $100 trillion includes about $20 trillion of stranded assets that may need to be scrapped or retrofitted before the end of their useful life. About half of all corporate investment required for net-zero will need to be spent by firms in the energy and utilities sector. (Oct 2022)

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Emissions Gap Report 2022 (United Nations Environment Programme (UNEP)) —  Finds that climate pledges are bringing the world to a temperature rise of 2.4-2.6°C by 2100 and that updated pledges have shaved less than 1% of projected 2030 emissions. A 45% reduction is needed to keep temperature increases to 1.5°C. Urgent sector and system-wide transformations — in the electricity supply, industry, transport and buildings sectors, and the food and financial systems — would help avoid climate disaster. The report finds that in the best-case scenario, full implementation of unconditional NDCs and additional net-zero emissions commitments could limit the global temperature rise to 1.8°C. However, this scenario is not currently credible based on the discrepancy between current emissions, short-term NDC targets and long-term net-zero targets. (Oct 2022)

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State of Climate Action 2022 (Systems Change Lab) —  Provides an assessment of the gap in efforts to keep global warming within 1.5°C by analyzing sectors that make up roughly 85% of global greenhouse gas emissions. The report assesses 40 indicators of climate progress and found that none are on track to achieve their 2030 targets, with six “off track” but moving in the right direction at a promising but insufficient speed, 21 “well off track,” moving in the right direction but well below the required pace. The report points to the positive signs of increasing adoption of zero-carbon power and electric vehicles. However, coal power must be phased out six times faster, cement must emit 10 times less CO2 per metric ton, and annual deforestation rates must be reduced 2.5 times faster.  Five indicators are also heading in the wrong direction entirely: the share of fossil gas in electricity generation is increasing, as are total kilometers traveled in passenger cars, mangrove loss, GHG emissions from agricultural production, and the carbon intensity of global steel production. (Oct 2022)

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Projected investments in new oil and gas fields by 2030, incompatible with limiting global warming to 1.5°C, could fully finance the wind and solar energy ramp-up required to stay within meet this target, according to  a new report by the International Institute for Sustainable Development (IISD). $570 billion will be spent on new oil and gas exploration and development each year by 2030, which could more than cover the $450 billion annual investment gap for wind and solar needed to displace oil and gas production in line with the 1.5°C target. (Oct 2022)

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A new UN report found that, collectively, Nationally Determined Contributions (NDCs) only modestly improved during the past year and, while bringing about a peak of global emissions by 2030 if implemented, would still bring the world to a global temperature increase of between 2.1 and 2.9°C by 2100. To achieve the 1.5°C Paris target, emissions would need to decline by about 45% by 2030 compared to 2010 levels. Rather, they are likely to rise by 10.6% through 2030, down from 15.9% in earlier expectations. (Oct 2022)

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Atmospheric levels of CO2, methane and nitrous oxide all reached record highs in 2021, according to a new report by the World Meteorological Organization (WMO). The CO2 increase of 2.5 ppm (parts per million) was larger than the average annual increase over the past ten years. The 18 ppb (parts per billion) increase in methane concentrations was the largest since systematic measurements began almost 40 years ago. Methane concentrations are now 262% higher than pre-industrial levels. (Oct 2022)

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By the end of this century, permafrost in the rapidly warming Arctic will likely emit as much carbon dioxide and methane into the atmosphere as a large industrial nation, and potentially more than the U.S. has emitted since the start of the industrial revolution, according to a new study in the Annual Review of Environment and Resources. Under a low warming scenario (<2°C), permafrost could release 55 billion metric tons (MTs) by 2100. Under a BAU scenario, this could increase to 232 billion MTs. This research goes beyond previous forecasts, incorporating new factors in hydrological and biogeochemical dynamics and permafrost zone tipping points.  As the Arctic is not regulated by any one state, the report argues that international emission reduction efforts must account for this “country of permafrost” in climate targets and actions moving forward.(Oct 2022)

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Energy Transition Outlook 2022 (DNV) — This report, which forecasts the energy transition until 2050, finds that the world is heading for 2.2°C of warming, as emission reductions aren’t keeping pace with Paris goals. Specific highlights include (Oct 2022):

• The war in Ukraine isn’t slowing down the long-term transition in Europe, though high energy and food prices may reduce the prioritization of decarbonization;
• While the report forecasts that 83% of electricity will come from renewables,  fossil fuels will still account for just below 50% of the overall energy mix in 2050;
• Hydrogen will only supply 5% of global energy demand in 2050, a third of what is needed for net zero;
• A quarter of net decarbonization will require CCS and nature-based efforts;
• To achieve net zero, leading regions will have to accelerate efforts, with OECD regions being net zero by 2043 and negative after that.

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In 2021, members of the Oil and Gas Climate Initiative (OGCI) reduced absolute upstream methane emissions by 8% since 2020, and by 40% since 2017. CO2 emissions from downstream operations fell 3% since 2020, and 11% since 2017. Investments in low carbon technologies and R&D also increased, totaling $40 billion from 2017-2021.  While promising, as an article in Axios notes, “industry-wide methane emissions have not fallen nearly that much and are not on a pathway consistent with Paris Agreement goals.” (Oct 2022)

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Climate Action 100+ released an interim set of Net Zero Company Benchmark assessments of 159 companies. The results found that while companies examined continue to make progress on net zero commitments, this is not matched by the development and implementation of credible decarbonization strategies. Climate Action 100+ also opened public consultation on a set of proposals to enhance the Net Zero Company Benchmark for the next phase of the initiative in 2023. Responses can be submitted here until November 11, 2022. (Oct 2022)

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Investment Requirements of a Low Carbon World: Energy Supply Investment Ratios (BloombergNEF) — Between 2021 and 2030, the ratio of investment in low-carbon energy supply needs to be four times that of fossil fuel energy supply in order to reach net zero by 2050. For 2031-2040, this ratio will need to increase to 6:1, and 10:1 for 2041-2050. This is up from the 0.9 to 1 low-carbon to fossil fuel ratio in 2022 and the 0.5:1 ratio from 2016-2022. (Oct 2022)

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Decarbonisation Tracker: Progress to Net Zero Through the Lens of Investment (Swiss Re) —  The world still needs to invest cumulatively more than $270 trillion in decarbonization actions if net-zero 2050 ambitions are to be met, according to new research by Swiss Re. This only aggregates four sectors — energy, transport, buildings, and industry — so accounts for 70% of global greenhouse gas emissions at most. Of these, transport needs the most investment at $114 trillion, energy $78 trillion, buildings $65 trillion, and industry $14 trillion.  The report also found that if investments were to continue at the current pace, the 2050 net zero targets would be missed by nearly 20 years. (Oct 2022)

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The International Energy Association’s Tracking Clean Energy Progress (TCEP) assessed recent developments for 55 components of the energy system that are critical for clean energy transitions. Of the components tracked, two are fully “on track” with the Net Zero by 2050 Scenario trajectory: electric vehicles and lighting. 18 were rated as “not on track” (the lowest rating), including carbon capture, heavy industries, aviation, shipping, biofuels, and others. (Oct 2022)

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The Breakthrough Agenda Report 2022 (International Energy Agency (IEA)) —  This inaugural report by IEA, the International Renewable Energy Agency, and the UN Climate Change High-Level Champions  assesses progress on reducing emissions in five key sectors: power, hydrogen, road transport, steel, and agriculture. It notes an increase in practical international cooperation in recent years and sets out  25 collaborative actions to help make clean power, EVs, low-carbon steel and hydrogen, and sustainable farming the most affordable options as soon as possible, including increasing investment, improving standards, and increasing R&D. (Sept 2022)

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Empirically grounded technology forecasts and the energy transition  (Oxford Martin Programme on the Post-Carbon Transition) —  Finds that a transition to nearly 100% clean energy by 2050 will result in a savings of at least $12 trillion compared to continuing our current levels of fossil fuel use. The study, published in the journal Joule,  factors in only the economics of different energy technologies, not the costs of climate damages or climate adaptation that would be avoided from this transition. The research, based on a probabilistic model, shows that the probability of further cost reductions in key green energy technologies is very high, as are dramatic reductions in costs for energy storage technologies. (Sept 2022)

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Most companies in G7 countries are far off track from meeting the Paris Climate Agreement 1.5°C target according to new analysis by CDP and global management consultancy Oliver Wyman.  On average, corporate emissions targets are currently aligned with a 2.7°C warming trajectory. Companies in Germany and Italy had the most ambitious targets, averaging 2.2°C each. Canada had the least ambitious, at 3.1°C, with the U.S. and Japan the next least, at 2.8°C each. More broadly,  Europe is on track for a 2.4°C increase and has the most ambitious power generation sector (at 1.9°C vs. 2.1°C in North America and 3.0°C in Asia). (Sept 2022)

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Developed countries have fallen short on their 2009 COP15 commitment to mobilize $100 billion a year by 2020 for developing countries to enact climate mitigation and adaptation measures. The  actual 2020 figure, as reported by the Organization for Economic Co-operation and Development (OECD),  was $83.3 billion. Other key takeaways from the report include (Aug 2022):

• Of the 2020 total,  $48.6 billion (71%) was in the form of loans.
• From 2016–2020, the  main recipient groups, per capita, were  Small Island Developing States ($81),  Least Developed Countries ($14), and  Fragile States ($11)
• Since 2016, the share of  funds going toward adaptation has steadily increased from 10.1% to 28.6%.

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The Net-Zero Industry Tracker 2022 Edition (World Economic Forum) — Presents a  tracking platform for heavy industries to transparently measure progress toward a net-zero-by-2050 scenario. The report is predicated on the dual premises that a) industrial sectors account for nearly  40% of global energy consumption and more than 30% of GHG emissions, and b)  noindustry is currently on track to achieve decarbonization levels necessary for a 2050 net-zero target. In that context, the authors  highlight sector-specific "accelerators" and priorities for the steel, cement, aluminum, oil, natural gas, and ammonia sectors, and  outline seven cross-sectoral recommendations for immediate action (see pages 5–6). (Aug 2022)

Mission Possible Partnership (MPP) — Added energy transition strategies for the aviation, trucking, and shipping sectors—which together account for about  10% of global carbon emissions—to its suite of decarbonization pathway reports for hard-to-abate sectors. Key takeaways include (July 2022):

• In  aviation, the amount of sustainable aviation fuel (SAF) needed  will require a 5–6-fold increase in the current SAF project pipeline by 2030. 
• To compensate for a  projected doubling of trucking demand in major industrialized countries by 2050, MPP forecasts a need for about  10 million zero-emission trucks, 1.8-2.5 million EV chargers, and 1,000-19,000 hydrogen stations in service by 2030.
• Projected increases in  demand for zero-emission fuels in shipping could de-risk business cases for investment in green hydrogen production.

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Rhodium Group’s  annual assessment of US greenhouse gas (GHG) emissions and progress towards achieving the country’s climate goals shows the US can reduce emissions 24% to 35% below 2005 levels by 2030, absent any additional policy action - a “rosier outlook” than the assessment showed in 2021. This  falls significantly short of the US’s pledge under the Paris Agreement to reduce emissions by 50-52% below 2005 levels by 2030. The report attributes the improvement to slower macroeconomic growth projections and higher fossil fuel prices, not policy changes. (July 2022)

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Climate solutions nonprofit  Project Drawdown has released an updated edition of its 2017 hallmark publication,  Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Climate Change. The book detailed 100 available technologies and achievable practices that, according to its authors, collectively represent a  “credible path forward” to bring climate change under control. The new and updated edition  applies new modeling data to 16 of the original “drawdown solutions” and adds 11 new ones related to ocean resources, food production, methane management, and materials manufacturing and use. It also  models adoption scenarios that roughly correspond to limiting warming to 2°C and 1.5°C, respectively. Fiscal highlights of the modeling include (July 2022):

• An  initial investment of $15.6 trillion to achieve a 2°C warming scenario would avoid or sequester more than 1,000 gigatons of carbon dioxide equivalent greenhouse gases between 2020 and 2050 and  save nearly $98 trillion in total operating costs over the lifetime of the solution.
• Increasing the investment to $23.6 trillion to achieve a 1.5°C warming scenario would avoid or sequester more than 1,600 gigatons of gases and  save more than $140 trillion in lifetime costs.

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World Energy Investment 2022 (IEA) —  Reviews global investment trends across all areas of fuel and electricity supply, efficiency, and research and development from 2021 and offers projections for 2022. Finds record clean energy spending, driven by renewables and energy efficiency, is expected to increase global energy investment by 8% in 2022; however, most investments are being made in advanced economies and China.  The report, for the first time, also includes a detailed review of investment trends for critical minerals, finding that “higher and more diversified investment is needed to curb today’s price pressures and create more resilient clean energy supply chains.” (June 2022)

The Value of Urgent Action on Energy Efficiency (International Energy Agency (IEA) — Highlights the  centrality of energy efficiency and energy saving measures in mitigating climate change, improving human health, strengthening energy security, and lowering costs. The report was released in conjunction with the IEA's  7th Annual Global Conference on Energy Efficiency, held in Denmark from June 7–9. Key takeaways include (June 2022):

• Decreasing global energy intensity (energy per unit of GDP)  by 4% per year—double the current rate—through 2030 would provide about a third of the total emissions abatement needed be achieve net zero emissions by 2050 while serving an economy 40% larger than today's. This high efficiency scenario  would depend onaccelerated deployment of energy efficiency measures in buildings and transport, material efficiency in industry, digitalization, and changes in consumer behavior.
• Without the global energy intensity gains of the last two decades, emissions growth would have been almost double, or about 8 Gt per year higher in 2019.
• In terms of  strengthening energy security, saving 95 exajoules (EJ)—the annual energy consumption of China—per year by 2030 would avoid: a) almost 30 million barrels of oil per day—triple Russia’s average rate of production in 2021; and b) an annual volume of natural gas 4 times the amount imported from Russia by the EU in 2021.
• Providing clean and efficient cooking and heating to those who lack them would avoid over 20 EJ demand for the traditional use of biomass—such as wood and charcoal - in 2030 compared with current policies,  dramatically improving the lives of billions of people. Household air pollution is currently linked to around 2.5 million premature deaths a year.
• Overall, these total energy savings can contribute to  lowering total household energy bills globally by at least  $650 billion a year by 2030 compared with current policies.
• Scaling up investment to achieve these energy savings can support an extra 10 million jobs by 2030 in efficiency-related fields such as in new construction and building retrofits, manufacturing and transport infrastructure.

In an analysis of government responses to the Russia–Ukraine war and the resulting “global energy shock”, nonprofit climate progress watchdog  Climate Action Tracker describes how planned expansion of fossil gas production and infrastructure meant to replace Russian supplies could “lock the world into irreversible warming.” (June 2022)

• Domestic fossil fuel production has increased in the US, Canada, Norway, Italy and Japan
• New planned LNG import facilities in the EU could supply a quarter more gas to the EU than before
• In Africa, old gas pipeline projects are being revived and countries with previously no fossil gas exports are now encouraged to supply gas to Europe. 

The report makes  recommendations for effective energy crisis response, suggesting that governments could drive down emissions if they act swiftly when energy prices come down  to reduce fossil fuel subsidies or increase carbon pricing, and that  taxing fossil fuel company profits could help compensate those in need, or expand renewables and energy efficiency. (June 2022)

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A 3°C increase in global average temperatures compared to preindustrial levels  would cost $178 trillion in net present value terms over the next 50 years, according to a  new study from the Deloitte Center for Sustainable Progress. Unchecked climate change would hinder economic growth in every region, but the Asia-Pacific region would be hardest hit. Alternatively, the report finds,  if countries act quickly to reach net-zero by 2050 and hold warming below 2°C, the global economy would see an expansion of $43 trillion in net present value over the same time frame. (May 2022) 

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The Carbon Bankroll: The Climate Impact and Untapped Power of Corporate Cash (Climate Safe Lending Network / The Outdoor Policy Outfit / BandFWD) — Reveals that  companies’ investments and cash positions in banks are an overlooked and significant source of emissions, sometimes exceeding traditional Scope 1, 2, and 3 emissions combined. The  first-of-its-kind report tracked publicly available data from 10 major corporations. Accounting for emissions from their cash and investments  increased their total reported emissions by anywhere from 11% to 5,512%, undermining their sustainability efforts. Just one-third of the largest publicly traded financial institutions have set reliable 2030 goals, and the  60 largest commercial and investment banks invested $742 billion in the fossil fuel industry in 2021. The good news, according to the report, is that the data “also reveals one of the most powerful levers companies possess to realize their climate ambitions: using their clout as major cash managers and investors as a catalyst for climate progress.” The authors urge companies to (May 2022): 

• Select financial institutions and products that are environmentally sustainable and socially equitable from the existing landscape.
• Engage their existing finance providers in their financial supply chain on climate and sustainability, making clear requests and incentivizing good practice.
• Innovate new products, mechanisms, incentive schemes, data insights, behavioral drivers, etc., that enable companies to accelerate the decarbonization of their financial supply chains.
• Advocate for climate-aligned financial regulation and policy that will increasingly drive the financial system toward progressive sustainable products and services.

Climate Change 2022: Mitigation of Climate Change (UN Intergovernmental Panel on Climate Change (IPCC), Working Group III) — Provides  a comprehensive global assessment of emissions mitigation pledges, progress, and urgent additional action—across all sectors and systems—to limit global temperature rise to 1.5°C. This historic report is the third and final installment of the IPCCs overall climate assessment, following publications from Working Group I (the science of climate change) and Working Group II (impacts, adaptation, and vulnerability). Highlights (April 2022):

• Limiting warming to 1.5°C would require that  total global GHG emissions must peak no later than 2025  and must decrease at least 43% from current levels by 2030.  Current actions do not track to hit either milestone. “It’s now or never, if we want to limit global warming to 1.5°C,” said IPCC Working Group III Co-Chair Jim Skea. “Without immediate and deep emissions reductions across all sectors, it will be impossible.”
• Many  necessary steps are being held up by social, political, and financial obstinance, not technology. In remarks about the launch of the report, UN Secretary-General António Guterres said, “[High-emitting governments and corporations] are choking our planet, based on their vested interests and historic investments in fossil fuels, when cheaper, renewable solutions provide green jobs, energy security and greater price stability.”
• A  good news/bad news breakdown is captured succinctly on  pages 12–14 of the technical summary, in a table entitled “Signs of Progress and Continuing Challenges.”
• The report also includes a  chart featuring  43 leading emission reduction options, their effectiveness potential for this decade, and the economics of deploying them.

Global Wind Energy Council (GWEC) has released  Global Wind Report 2022. Key findings include (April 2022):

• Nearly 94 GW of wind capacity were added globally in 2021, marking the second-best year recorded.  Three times more offshore wind was commissioned in 2021 than the previous year, signaling the best year ever for offshore.
• Europe, Latin America, Africa, and the Middle East added record levels of new onshore capacity, but  gains were offset by slowdowns in the U.S. and Chinese onshore markets.
• China showed an “astounding level of growth,” representing 80% of new offshore capacity.
• Urgency around energy security is driving a positive market outlook for the global wind industry, and current policies support the addition of 557 GW of new capacity in the next five years.
• GWEC analysis predicts that  wind power will need to quadruple by 2030 to achieve a 1.5°C scenario by 2050.

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World Energy Transitions Outlook 2022: 1.5°C Pathway (International Renewable Energy Agency (IRENA)) — Details  priority focus areas, actions, key performance indicators, and estimated investment costs to achieve 2030 climate and energy milestones essential to reaching net zero emissions by 2050. In keeping with the report’s overarching assessment that “…anything short of radical and immediate action will diminish—and may possibly eliminate—the chance of staying on the 1.5C or even 2C path.,” priority actions include (April 2022):

• Estimated annual global investments of: $1.5 trillion in the energy efficient renovation and electrification of buildings; $86 billion in charging infrastructure for EVs; $124 billion to quintuple the supply of biofuels; $88 billion for clean hydrogen development.
• Installation of at least 800GW of new renewables-based generating capacity each year—almost triple the current rate

An increase in the share of renewable energy in the overall primary energy supply from 14% in 2019 to 40% by 2030

The  U.S. Energy Information Administration’s (EIA) Annual Energy Outlook 2022 provides new modeled  projections of U.S. energy trends through 2050, incorporating a range of assumptions and methodologies. Key takeaways include (April 2022):

• Energy‐related carbon dioxide  (CO2) emissions dip through 2035 before climbing later in the projection years; Increased energy consumption and population and economic growth outweigh efficiency gains.
• Renewable electricity generation increases more rapidly than overall electricity demand through 2050, but  petroleum and natural gas remain the most-consumed sources of energy in the U.S. through 2050.
• Wind and solar incentives, along with falling technology costs,  support robust competition with natural gas for electricity generation, while the  shares of coal and nuclear power decrease in the U.S. electricity mix.

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The UK’s total pipeline of offshore wind projects has grown by 60% in the last year, according to RenewableUK. Spurred by massive new leasing announcements, that pipeline capacity now stands at 86 gigawatts (GW), the largest in the world and eight times the UK’s current operating capacity.  Globally, an additional 200GW of pipeline capacity has been added in the last year, for a current total of 517GW. (March 2022)

Press Release

Global Energy Review: CO2 Emissions in 2021 (International Energy Agency)  — Examines carbon emissions across the global energy sector in 2021. It reports that global energy-related  emissions grew by over 2 gigatons (the largest-ever year-on-year increase in absolute terms) to a record 36.3 gigatons in 2021. Coal emissions reached an all-time high, but renewables and nuclear power provided a higher share of electricity generation, with renewables-based generation reaching an all-time high. (March 2022)

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Climate Action 100+ — Published an updated  aviation sector strategy: “Global Sector Strategies: Investor Actions to Align the Aviation Sector With the IEA’s 1.5°C Decarbonisation Pathway.” It concludes that  emissions must peak by 2025, and 18% of the sector’s energy consumption must come from sustainable aviation fuel (SAF) by 2030 (up from less than 0.1% in 2020). (March 2022)

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Global Methane Tracker 2022 (International Energy Agency)  — Provides country-by-country estimates of energy-related methane emissions and examines the state of major emitters’ methane-reduction policies. It finds that  energy-related methane emissions grew by almost 5% last year and are 70% higher than government figures. It also finds that over 40% of oil and gas methane emissions could be reduced at no net cost using existing technologies. (Feb 2022)

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The US pipeline of offshore wind projects has reached 30.7 gigawatts—enough to meet President Biden's target of 30 gigawatts by 2030, according to S&P Global Market Intelligence analysis. (Feb 2022)

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Corporations bought a record 31.1 gigawatts of clean energy through PPAs in 2021,up nearly 24% since 2020 and equivalent to over 10% of renewable energy capacity added globally, according to BloombergNEF. Technology companies bought the most clean energy, and the  top 10 corporate buyers overall include CEF members  Amazon (#1),  Microsoft (#2), Meta (#3),  BASF (#4), and Google (#6). (Feb 2022)

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2022 Energy Transition Investment Trends (BloombergNEF)  — Assesses global investment in the low-carbon energy transition, climate-tech corporate finance, and low-carbon investment trends from 2020-2021. Key findings (Jan 2022):

• Global investment in low-carbon energy grew 27%, reached a record $755 billion, and reached record levels in the AMER, APAC, and EMEA regions in 2021
• Clean power and electrification accounted for $731 billion of total investment, including $366 billion for renewables and $273 billion for electrified transport (with a 77% growth rate for EVs)
• Hydrogen, CCUS, and sustainable materials investment reached $24 billion.
• Climate-tech corporate finance reached $165 billion
• To get on track for net zero by 2050, investment levels must roughly triple from 2022-2025 and then double from 2026-2030, to an average of $4.2 trillion

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The Net-Zero Transition: What It Would Cost, What It Could Bring (McKinsey Global Institute)  — Examines the global economic transformation needed to enable a net-zero transition by 2050, with a focus on demand, capital allocation, costs, and jobs. To support the transition, the world must manage shifts in demand and near-term cost increases, establish mechanisms to address socioeconomic impacts, and catalyze effective capital allocation and financing structures.  Key findings  (Jan 2022):

• Oil and gas production volumes would decrease by 55% and 70%, respectively (2022 baseline), and coal production for energy use would nearly end
• $275 trillion of cumulative global capital must be spent on physical assets, about 7.5% of global GDP from 2021-2050
• Spending on energy and land-use physical assets would reach $9.2 trillion annually by 2050—$3.5 trillion more annually than is currently being laid out
• Electricity costs would likely increase as countries shift to renewables, though the amount and duration of the spike largely depends on how the transition is managed

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RE100 2021 Annual Disclosure Report (Climate Group’s RE100 initiative)  — Assesses changes in RE100 membership, member companies’ renewable energy claims, and trends in renewable energy sourcing, disclosure, and impact. 45% of RE100 members’ reported electricity consumption was renewable, a 4% increase over 2020, and 62% of new RE100 membership is headquartered in the Asia-Pacific region.  The top three challenges members faced in procuring renewable energy include: a lack of available renewable electricity, lack of procurement opportunities, and prohibitive cost. (Jan 2022)

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Electricity Market Report—January 2022 (International Energy Agency)  — Reviews changes in global electricity demand, supply, and emissions during 2021 and presents forecasts through 2024. It projects moderate demand growth through 2024, with fossil fuel generation leveling off and renewables meeting the majority of increasing demand. It also  expects emissions to level off but notes that a 55% decline is needed by 2030 to meet the IEA’s Net Zero by 2050 Scenario.  Key findings (Jan 2022):

• Global power demand grew by over 6% in 2021, the highest absolute amount ever and the highest percentage rise since 2010.
• Coal-fired electricity generation met over half of the demand growth. Generation grew by 9% and reached an all-time peak.
• Carbon emissions from electricity rose by close to 7% in 2021, to a record high.

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List of Climate Decarbonization and Clean Energy Pathways and Progress, 2021 - 2019 (PDF)

Market Indicators & Trends: Energy & Carbon

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Renewables 2024 Global Status Report (REN21) — This first released module of the 2024 edition (Global Overview) provides high-level trends on the status of renewables in the wider energy system, including (April 2024):

• Rising energy demand is not yet being met by renewables, leading to a 1.1% increase in energy related CO2 emissions in 2023.
• The 473 GW of renewable power capacity added in 2023 is a new record, however, it falls short of the 1,000 GW needed annually to meet global climate commitments.
• Investment in renewables also reached $623 billion in 2023, but needs to reach $1.3 trillion annually through the end of the decade.
• The cost of capital for renewable energy projects is increasingly unequally globally, ranging from less than 4% in developed countries to over 10% in developing countries.
• Worldwide, an estimated 3,000 GW of renewable energy projects remained underdeveloped as of 2023 due to inadequate grid infrastructure, insufficient financing, and permitting delays.
• Urgent focus on “renewable energy enablers” like policies, permitting, and finance is needed to achieve the energy transition.

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Almost all oil and gas companies are targeting new developments and production increases in the near-term, and most are in the longer-term, according to a new analysis of the 25 largest listed oil and gas companies by Carbon Tracker. Grading on an A-H scale, 18 companies received an F or lower, and none are currently aligned with the goals of the Paris Agreement, based on metrics including production plans, emissions targets, and investment options. (March 2024)

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While cement usage has likely peaked in developed regions, demand outside of the OECD and China is likely to rise from 30% of the global total today to 56% in 2050 to 84% in 2100, according to new research from Rhodium Group. Cement manufacturing is currently responsible for 6% of global GHG emissions, a number that could grow by up to 17% (67% probability) or decline by up to 39% by 2050, depending on economic and population dynamics. (March 2024)

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U.S. methane emissions are about three times higher than government estimates, according to a new study in Nature based on one million aerial measurements of oil and gas production sites across six regions. The majority of well site emissions come from a small percentage of well sites (<2%). Midstream facilities and pipelines contribute 18-57% of estimated regional emissions. These emissions add up to an annual $1 billion in lost commercial gas value and $9.3 billion in social cost. (March 2024)

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In 2022, total greenhouse gas emissions from the global aluminum sector did not grow, even as aluminum production did, according to data from the International Aluminium Institute. Aluminum production grew 3.9% to 108 million metric tons in 2022, while GHG emissions from the industry declined from 1.13 gigatons of CO2 equivalent (CO2e) to 1.11 gigatons. Carbon intensity declined 4.4% from 15.8 to 15.1 tons of CO2e per ton of aluminum. (March 2024)

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Clean energy and transportation investment in the U.S. set another record in Q4 2023, increasing 40% from Q4 2022 to $67 billion, according to Rhodium Group’s Clean Investment Monitor. Over all of 2023, clean investment reached $239 billion, up 38% from 2022. Clean investment now accounts for 5% of all private investment in structures, equipment, and durable consumer goods in the U.S. (up from 3.7% at the end of 2022). Investment in emerging climate technologies jumped tenfold from $0.9 billion in 2022 to $9.1 billion in 2023. (March 2024)

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Global energy-related CO2 emissions hit a new record of 37.4 billion metric tons in 2023, though growth slowed to 1.1%, according to a new report by the International Energy Agency (IEA). A shortfall in hydropower due to extreme droughts in China, the U.S. and elsewhere resulted in over 40% of the rise in 2023 emissions. Emissions grew in China and India, but advanced economies saw a record fall, even as their GDP grew. Clean energy growth played a key role in this slowdown of emissions growth, as IEA’s new Clean Energy Market Monitor details. Wind and solar PV additions reached a record of almost 540 GW in 2023, up 75% from 2022 levels. And from 2019 to 2023, growth in clean energy was twice as large as that of fossil fuels. (March 2024)

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Corporations bought a record 46 GW of solar and wind through PPAs (power purchase agreements) in 2023, up 12% from 2021, according to BloombergNEF. About 45% of corporate PPAs were in the Americas and 33% in Europe, with European growth the most robust (up 74% over 2022 to 15.4 GW). The U.S. made up largest market at 17.4 GW (38%), but shrunk 16% compared to 2022. CEF Member Amazon was the largest single corporate clean energy buyer in 2023 at 8.8 GW. (Feb 2024)

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U.S. electricity consumption will reach record levels in 2024 and 2025, increasing from 3.99 trillion kWh in 2023 to 4.11 trillion kWh in 2024 and 4.12 trillion kWh in 2025, according to the U.S. Energy Information Administration’s Short-Term Energy Outlook. Natural gas will stay at 42% of the total mix in 2024, while coal will fall from 17% in 2023 to 15% in 2024 and to 14% in 2025. Renewables will increase from 22% in 2023 to 24% in 2024 and to 26% in 2025. Nuclear will hold at 19%. (Feb 2024)

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While economy-wide fossil fuel demand is very likely to flatten or decline through 2050, natural gas demand is on track to increase as much as 47% by then, according to new research by the Rhodium Group. While overall fossil fuel use in electric power is projected to fall 15-55% by 2050, natural gas is projected to increase by 20%. Oil consumption will likely fall 20-40% by 2050 due primarily to the shift to electric vehicles. However, the non-energy share of total fossil fuel consumption is projected to increase from 13% to 19% by 2050. (Feb 2024)

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Global clean energy investment increased 17% in 2023, reaching a record $1.77 trillion, according to research by BloombergNEF. Electrified transport surpassed renewable energy, growing 36%, and is now the largest sector, at $634 billion. Renewable energy grew 8% to $623 billion. Power grid investment was third at $310 billion. China made up 38% of the total invested ($676 billion). Together, the EU, UK, and U.S. made up $718 billion, surpassing China, unlike in 2022. (Feb 2024)

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Electricity generation from low-emissions sources (solar, wind, hydro, and nuclear) should account for about half of the world’s electricity generation by 2026 (up from just under 40% in 2023), according to a new report by the International Energy Agency. Electricity demand is projected to accelerate to an average of 3.4% per year from 2024 to 2026, with about 85% of the increase expected outside advanced economies. Low-emissions sources are expected to cover all global demand growth over this period. (Jan 2024)

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Renewable energy project developers selling unused U.S. tax credits to other companies made up a market worth between $7-9 billion in 2023, according to a report by Crux Climate, an online platform that brokers these credits. (Jan 2024)

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U.S. emissions were down 1.9% in 2023, even while the economy expanded 2.4%, according to research by the Rhodium Group. U.S. emissions remained below pre-pandemic levels and dropped 17.2% below 2005 levels. Transportation sector emissions increased 1.6% and industrial sector emissions increased 1%, while emissions in the power sector declined 8% and residential and commercial buildings dropped 4%. (Jan 2024)

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Solar is expected to supply almost all growth in U.S. electricity generation according to the U.S. Energy Information Administration (EIA). New capacity will boost the solar share of total generation to 5.6% in 2024 and 7.0% in 2025, up from 4.0% in 2023. Oil and natural gas production will also establish new records in 2024 and 2025, while coal production will drop 26% over the next two years. Battery storage capacity could also grow 89% by the end of 2024 if developers bring all planned energy storage systems online by intended operation dates. (Jan 2024)

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Renewable energy capacity grew by 510 GW in 2023, up by 50% over 2022, according to the International Energy Agency. The largest growth occurred in China, which commissioned as much solar PV as the entire world did in 2022. Renewable energy in Europe, the U.S. and Brazil also hit all-time highs. Renewable capacity is forecast to grow to 7,300 GW over the 2023-2028 period, and is expected to overtake coal to become the largest source of global electricity generation by early 2025. (Jan 2024)

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Adoption of low-carbon energy sources will jump as relative costs continue to drop, according to a new report on BlackRock’s 2024 Private Markets Outlook. This could spur an average of $4 trillion a year of capital investment in the global energy system through 2050, up from $2 trillion a year currently, with low-carbon sources making up about 70% of the world’s energy by 2050. According to the report, energy storage, electrified transport, and alternative fuels for aviation and shipping should see technological advances that lower costs and increase efficiency. BlackRock identified the low-carbon transition as a key “mega force,” driving major investment opportunities, along with the future of financing, AI/digital disruption, and demographic divergence. (Dec 2023)

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Investments in energy efficiency have grown by 45% since 2020, according to a new report by the International Energy Agency (IEA). However, global improvements in energy intensity (a primary measure of energy efficiency) slowed in 2023 to just 1.3%, down from 2% in 2022. This was driven primarily by an economic rebound in energy-intensive sectors such as petrochemicals and aviation, as well as demand for air-conditioning. (Dec 2023)

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The U.S. power sector saw a reduction of less than 1% of CO2 emissions in 2022, according to a new analysis of the top 100 power producers (making up about 80% of the sector’s generation and emissions). In 2022, sector CO2 emissions were down 34% below their peak levels in 2007. Coal production accounted for 19% in 2022, down from 37% in 2012, while natural gas grew to 39% (up from 30%). Energy from zero-carbon power sources accounted for 40% in 2022. (Nov 2023)

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Wind and solar energy’s combined share in the energy mix nearly doubled between 2017 and 2022, reaching 7%, according to a new report of 68 of the world’s largest utilities by the World Benchmarking Alliance and CDP. Coal and gas generation remained stable during that period, remaining at 44% and 22% respectively. Current trends suggest solar generation is on track to grow sevenfold, and wind 2.4-fold, by 2030. And while 65% of companies burned less coal in 2022 than in 2017, only 43% of companies relying on coal generation have committed to a definite phase-out date, with just 13% aiming to achieve this before 2030. (Nov 2023)

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Economies that are at least one year past peak fossil electricity generation represent half of global electricity demand, according a new analysis by Ember. Economies five years past the peak, totaling 107, make up 38% of demand and together, their power sectors’ emissions fell almost 20% in the last decade. Regionally, fossil generation has dropped 30% in the EU, 20% in Oceania, and 15% in North America. (October 2023)

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Hydrogen use globally reached 95 million metric tons (Mt) in 2022, up 3% compared to 2021, according to the International Energy Agency’s Global Hydrogen Review 2023. However, low emissions hydrogen accounted for only 0.6% of total hydrogen demand, with hydrogen production and use creating 900 Mt of CO2. Annual production of low-emission hydrogen could reach 38 million metric tons (Mt) in 2030 (27 Mt from electrolysis and low-emission electricity and 10 Mt from fossil fuels with carbon capture) if all announced projects are realized. But 17 Mt come from projects at early stages of development and only 4% of this potential production has taken a final investment decision. (Sept 2023)

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A new EPA report says that investments in clean electricity in the Inflation Reduction Act (IRA) could cut economy-wide carbon emissions by up to 43% by 2030 relative to 2005. Models used in the report also forecast substantial reductions in the electric power and transportation sectors, and in electricity use in buildings. (Sept 2023)

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The U.S. solar industry expects to add a record 32 gigawatts (GW) of new capacity in 2023, a 52% increase from 2022, according to the U.S. Solar Market Insight Q3 2023 report. In Q2 of 2023, new capacity additions in utility-scale and residential solar grew by 3.3 GW and 1.8 GW, respectively. The commercial solar market declined in Q2 primarily due to project interconnection backlogs and a lack of federal policy clarity. (Sept 2023)

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​​Fossil fuel subsidies grew to $7 trillion in 2022, according to the International Monetary Fund. These include explicit subsidies (i.e. direct monetary support) of $1.3 trillion — a new record and 2.6 times the $500 billion of subsidies in 2020, and implicit subsidies (e.g. undercharging for local air pollution and climate change), which totaled $5.7 trillion. (Sept 2023)

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The global offshore wind industry delivered its second best year for new capacity in 2022, with 8.8 GW coming online, according to the Global Offshore Wind Report 2023. The report also forecasts that 380 GW of new offshore wind will be built by 2032, nearly half of which will come from the Asia-Pacific region. (Sept 2023)

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Fossil fuels generated 410 TWh of electricity in the EU in the first half of 2023, making up the lowest ever 33% of demand. Coal fell 23% and gas 13% (for a combined 17% reduction) from the first half of 2022. Electricity demand also fell 5% and solar and wind generation increased by 13% and 5% respectively. (Sept 2023)

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Clean energy revenues (including clean energy production and manufacturing clean energy technologies and equipment) from listed firms reached $2.56 Trillion in 2022 globally, according to Bloomberg NEF. Power utilities and renewable manufacturers and developers accounted for 67% of the total. (Aug 2023)

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Since the Inflation Reduction Act was signed one year ago, companies have announced over $110 billion in clean energy manufacturing investments, including more than $70 billion in the electric vehicle supply chain, according to the Biden Administration. The law is also credited with creating more than 170,000 jobs, according to Climate Power. (Aug 2023)

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Developers added 16.8 GW of utility-scale generating capacity in the U.S. in the first half of (H1) 2023. Renewables made up more than half of this new capacity (solar: 35%, wind: 19%); battery storage made up 11%; and natural gas the remaining 35%. Developers plan to add another 35.2 GW of capacity in H2 2023, with 90% of that solar, wind, and battery storage. (Aug 2023)

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Provisions under the Inflation Reduction Act could result in a 40% drop in energy-related emissions by 2035 and 55% by 2050, compared to 2021, according to BloombergNEF (BNEF). However, to get to net zero by 2050, the U.S. will require stricter decarbonization policies, especially for hard-to-abate sectors like industry and heavy transport. (Aug 2023)

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Renewables 2023: Global Status Report (REN21) — REN21 released two additional modules of its annual report: Renewables for Economic and Social Value Creation (ESVC) and the Global Overview. ESVC details the wide benefits that renewable energy deployment generates in creating jobs and local economic value, reducing pollution and health costs, protecting the environment, advancing gender equality, improving energy supply and security and providing energy access in energy-poor communities and to fuel economic activities. The Global Overview brings together the various modules and synthesizes the status of renewables in the wider fossil-fuel dominated energy system and in the context of global challenges such as climate change, development goals and the geopolitical landscape. Key findings include (July 2023):

• The number of people without access to electricity increased in 2022 for the first time in decades, mainly due to high energy prices.
• Renewable energy deployment is showing steady growth, but accounted for just 12.6% of total final energy consumption, compared to 78.9% for fossil fuels.
• Renewable energy has shown various benefits in terms of employment, energy access, clean cooking and local value creation.
• In 2021, renewable energy employment increased to reach a record high of 12.7 million jobs.
• The number of people gaining access to electricity through off-grid renewable-based systems doubled from 19 million in 2012 to 41 million in 2021.
• National governments are increasingly recognizing the economic and social benefits of renewables and are seeking to strengthen their supply chains for renewable energy manufacturing through schemes such as tax incentives, tenders and auctions, and bans on exports of unprocessed raw minerals.

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Solar, wind, and battery capacity to 2030 is now in line with ambitious net-zero scenarios (including the IEA’s) according to new analysis by RMI. The forecast sees solar and wind supplying over a third of all power by 2030 (up from around 12% currently). Cost of solar and wind are expected to decline, halving in price by 2030. Complementary research from Systems Change Lab, exploring eight countries’ efforts to scale renewable energy, also reveal the possibility of rapid growth, with these countries having scaled up solar, wind, or both at rates faster than what’s needed to limit warming to 1.5°C. (July 2023)

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2023 Statistical Review of World Energy (Energy Institute) — 2022 saw a 1% increase in total primary energy consumption, taking it to around 3% above the 2019 pre-COVID level. Key report highlights (July 2023):

• Renewables’ (excluding hydroelectricity) share of primary energy consumption reached 7.5%, an increase of nearly 1% over the previous year;
• Fossil fuel consumption as a percentage of primary energy remained steady at 82%;
• CO2 emissions from energy use rose 0.9% to 34.4 Gigatons of CO2 equivalent;
• Oil consumption continued to increase, rising by 2.9 million barrels/day, but 0.7% below 2019 levels;
• Global natural gas demand declined 3% in 2022;
• Coal production increased by over 7% compared to 2021, reaching a record high of 175 EJ (exajoules);
• Global electricity generation increased by 2.3% in 2023, lower than the previous year’s growth rate of 6.2%;
• Wind and solar reached a record high of 12% share of power generation with solar recording a 25% and wind power a 13.5% growth in output;
• Lithium and cobalt production increased 21% and prices of lithium carbonate rose 335% and cobalt 24%.

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Government and corporate spending on energy research and development hit record highs last year, as did venture capital investments on clean energy technologies, according to the IEA’s World Energy Investment 2023. Public spending on energy R&D grew by 10% in 2022, to nearly $44 billion, with 80% devoted to clean energy. Venture capital in early-stage clean energy start-ups reached a new high of $6.7 billion, out-performing non-energy segments. However, growth-stage funding, which requires more capital but funds less risky innovation, rose by only 1% in 2022, and was very weak in Q1 2023. (June 2023)

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Global additions of renewable power capacity are expected to jump by a third in 2023 to more than 440 GW, according to the International Energy Agency’s latest Renewable Energy Market Update. This increase of 107 GW is the largest absolute increase ever and is the equivalent of the power capacity of Germany and Spain combined. Driving strong deployment of solar PV and wind are growing policy momentum, higher fossil fuel prices, and energy security concerns. Cumulative renewable energy capacity is forecast to reach 4,500 GW at the end of 2024, equal to the total power capacity of the U.S. and China combined. (June 2023)

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Global investment in clean energy and technologies is projected to reach $1.7 trillion in 2023, with solar spending expected to eclipse oil spending for the first time ($382 billion vs. $371 billion), according to the International Energy Agency. In total, $2.8 trillion is set to be invested in energy in 2023, with slightly more than $1 trillion going to coal, gas, and oil. Investment in clean energy (including renewables, electric vehicles (EVs), nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps) is expected to rise by 24% between 2021 and 2023, driven by renewables and EVs, compared to a rise of 15% in fossil fuel investment. 90% of this increase comes in advanced economies and China. Clean energy investment in developing economies is being held back particularly by higher interest rates, capital costs, unclear policy frameworks, weak grid infrastructure, and financially strained utilities. (May 2023)

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The availability of land for renewable energy in the EU may be a limiting factor in the energy transition, according to new research by McKinsey. The amount of land required in France, Germany, and Italy to meet PV and wind capacity targets would require 23,000 and 35,000 square kilometers (about the size of Belgium). According to the research, several constraints limit land availability, including technical limits (poor wind or sun intensity), regulatory, and environmental factors. In Germany this brought the land suitable to wind down to about 9% and for solar in Italy, less than 1%. This could be further limited by competition with other uses (such as biodiversity conservation). (May 2023)

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Offshore Wind Market Report 2023 (American Clean Power Association (ACP)) — Assesses the amount of offshore wind energy in development in the U.S. Key takeaways (May 2023):

• While the U.S. currently has 42 MW of offshore wind online, 51,377 MW are in development;
• 16,564 MW of those are in advanced development, 33,875 MW in early development;
• 84% of projects (43,115 MW) are on the East Coast;
• Ten states have offshore wind procurement targets totaling 81,000 MW;
• Offshore wind is driving development of a domestic supply chain and domestic shipbuilding, with 30 new vessels on order or under construction to support the industry;
• Lengthy permitting timelines, supply chain disruptions, commodity price increases (particularly rising steel prices), and inflation are increasing project costs.

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Global Energy Monitor’s Global Hydropower Tracker found that the nearly 3,946 hydropower projects tracked in 134 countries totaled 1,131 GW of operating capacity and 959 GW of prospective capacity. While pumped storage hydropower makes up only 14% (161 GW) of operating projects, it makes up 49% (439 GW) of prospective capacity. China alone makes up 82% of the global total of prospective pumped storage (407 GW). And Eastern Asia makes up 73% of total operating and prospective capacity of pumped storage (425 GW) — larger than the International Renewable Energy Agency’s global target of 420 GW by 2050. (May 2023)

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Target True Zero: Delivering the Infrastructure for Battery and Hydrogen-Powered Flight (World Economic Forum) — Global demand for hydrogen and electric aircraft could require 600-1,700 terawatt hours of clean energy by 2050. With first battery and hydrogen-powered passenger flights potentially starting around 2025, the first elements of airport infrastructure will need to be in place by then. The research also finds that this shift will require between $700 billion and $1.7 trillion in capital investments. It also highlights other findings for airlines and airports to meet the demand for alternative propulsion aircraft by 2050, including (April 2023):

• Large airports could consume 5-10 times more electricity;
• Airports have enough space for storage infrastructure but not enough land to generate enough clean energy;
• The aviation industry will need to partner with other industries to secure enough green electricity and hydrogen in a supply-constrained environment and help shape the future of the hydrogen ecosystem.

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The U.S. power grid is projected to nearly double in capacity from 2022 to 2050 to meet increasing demand for electric power, with most newly built capacity coming from renewable energy technologies, according to most scenarios in the U.S. Energy Information Administration’s Annual Energy Outlook 2023. Declining capital costs combined with government subsidies are making renewables increasingly cost effective, while economic growth is leading to “stable growth in U.S. electric power demand through 2050,” according to the report. Renewable capacity could grow by as much as nearly 600% by 2050 in a High Economic Growth, Low Zero-Carbon Cost combination, but even in the low growth and high cost scenario, renewable capacity is still projected to grow 230%. (April 2023)

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Queued Up: Characteristics of Power Plants Seeking Transmission Interconnection (Lawrence Berkeley National Laboratory) — 2,030 GW of power generation and energy storage are now in transmission grid interconnection queues, of which 95% is from solar, wind, and battery storage. Solar and wind combined (1,247 GW) roughly equals the installed capacity of the entire U.S. power plant fleet. Storage makes up an estimated 680 GW at the end of 2022. Coal makes up just 1 GW of capacity in queues, nuclear 6.5 GW, and natural gas 82 GW (adding to just 4.4%). However, much of this proposed capacity “will ultimately not be built,” according to the report. In the period of 2000-2017, only 21% (and 14% of capacity) had been built as of the end of 2022. (April 2023)

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Lazard’s Levelized Cost of Energy + (LCOE+) Analysis (Lazard) — Finds that renewable energy technologies (unsubsidized) are cost-competitive with conventional generation technologies. For example, Solar PV (utility scale) costs $24-96/MWh and Onshore Wind ranges from $24-75/MWh, while Gas Combined Cycle ranges from $39-101, coal $68-166, and nuclear $141-221/MWh. Solar PV + Storage ranges from $46-$102 and Onshore Wind + Storage ranges from $42-114. Investment and production tax credits bring the costs of renewables down further, while carbon pricing increases fossil fuel generation. The report also compares levelized storage costs and levelized hydrogen costs, comparing varying costs of pink and green hydrogen. (April 2023)

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Wind and solar reached a record of 12% of global electricity generation (with solar generation growing 24% and wind 17%), according to Ember’s annual Global Electricity Review. This brought the carbon intensity of electricity generation to a record low of 436gCO2/kWh in 2022. However, power sector emissions rose 1.3% in 2022 as coal generation also grew 1.1%, reaching a record high. In 2023, clean power growth is likely to exceed electricity demand growth, leading to a small drop in fossil generation and lower emissions. If these trends continue, 2022 could be the year electricity emissions peaked, according to the report. (April 2023)

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Renewable power generation capacity grew 9.6% (295 GW) to 3,372 GW in 2022. 83% of all power capacity added in 2022 was produced by renewables (with 90% coming from solar and wind). Almost half of all new capacity was added in Asia, with China adding most of that (141 GW). Renewables in Europe grew by 57.3 GW, and in North America 29.1 GW, together making up 29% of total additions. (March 2023)

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Wind, solar, and battery storage are projected to account for 82% of new, utility-scale generating capacity that developers plan to bring online in the U.S. in 2023, according to the Energy Information Administration (EIA). This would be the first time solar makes up more than half of total capacity additions. However, due to the intermittent nature of renewables, while 17% of the U.S. utility-scale capacity was solar and wind in 2021, it produced only 12% of the country’s electricity. 8.6 GW of battery storage capacity is planned for 2023, which would double total battery capacity. (March 2023)

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Global energy-related CO2 emissions grew by 0.9% (321 million metric tons (Mt) in 2022), reaching a new high of over 36.8 gigatons (Gt), according to the International Energy Agency. This growth was lower than feared, considering disruptions to established fuel trade flows, and resulting shifts from gas to coal. Coal emissions grew by 243 Mt, much higher than the last decade’s average growth and reaching an all-time high of nearly 15.5 Gt. Increased deployment of renewables (which made up 90% of last year’s global growth in electricity generation), along with electric vehicles, and heat pumps helped prevent an additional 550 Mt of emissions, as did reductions in industrial production, particularly in China and Europe. Overall, emissions from industrial processes decreased 102 Mt. In 2022, 60 Mt of CO2 was attributed to additional heating and cooling demands due to extreme weather. Regionally: China’s emissions declined 0.2%, the EU’s declined 2.5%, and the U.S. grew 0.8%. Asia’s emerging markets, excluding China, grew 4.2%, the most of any region. (March 2023)

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Globally, the top 10% of emitters were responsible for almost half of global energy-related CO2 emissions in 2021, compared to just 0.2% for the bottom 10%, according to the International Energy Agency. The top 10% averaged 22 metric tons (t) of CO2 per person, more than 200 times more than the average for the bottom 10%. The top 1% had average carbon footprints of over 50 t, more than 1,000 times greater than the bottom 1% of emitters. The top 0.1% emitted more emissions (an average of 200 t/person) than the rest of the richest 10% combined. The global average footprint is about 4.7 t/person. (Feb 2023)

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The world’s electricity demand slowed slightly in 2022, growing 2% (less than the average 2.4% from 2015-2019), according to the International Energy Agency’s Electricity Market Report 2023. Growth is projected to accelerate to an average of 3% over the next three years, with developing economies in Asia the driving force behind this faster growth. (China alone will account for one-third of global electricity demand by 2025.) The share of renewables is expected to rise from 29% in 2022 to 35% in 2025, with the share of coal- and gas-fired generation falling, thus shrinking the sector’s CO2 emissions. Nuclear supply is projected to rise 3.6% per year on average until 2025, with the largest growth rate (24.5%) in the Middle East. Gas is projected to fall in Europe from 822 TWh in 2022 to 581 TWh in 2025, but this will be offset to some degree with an increase in gas-production in the Middle East, which will grow from 973 TWh in 2022 to 1,094 TWh in 2025. (Feb 2023)

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Global carbon markets for CO2 permits reached a record €850 billion ($915 billion) in 2022, according to analysis by Refinitiv. While total trading was down 20%, total value rose 14% as prices for permits increased. The EU Emission Trading System (EU ETS) reached €751 billion (87% of the global market total), up 10% from 2021. Carbon permits on the EU ETS averaged over €80/metric ton, 50% higher than 2021. (Feb 2023)

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In 2023, 54% of planned utility-scale electric-generation capacity (29.1 GW out of 54.5 GW) in the U.S. will be solar power, according to the U.S. Energy Information Administration. Some of this solar is from delayed 2022 projects due to supply chain disruptions. If all comes online, this would be a new record, more than doubling 2021’s record of 13.4 GW. Battery storage capacity will also grow, making up 17% of capacity. The 9.4 GW of planned storage will more than double the existing storage capacity of 8.8 GW. Natural gas additions will total 7.5 GW and wind 6.0 GW, much less than wind’s 2021 record of 14 GW. Two nuclear reactors are also expected to come online in Georgia (totaling 2.2 GW), the first new nuclear built in the U.S. in more than 30 years. (Feb 2023)

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More than 100,000 new clean energy jobs have been created in the U.S. since the Inflation Reduction Act became law in August, according to a new report by Climate Power. The report tracked public announcements of clean energy companies, which identified over 90 clean energy projects in 31 states worth $89.5 billion. Georgia has attracted the most investment so far, with more than $15 billion worth of projects, producing close to 17,000 jobs. (Feb 2023)

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Driving Renewables in a Time of Change (RE100) — This annual disclosure report found that RE100 member companies reported consuming 49% renewable electricity in 2021, up from 45% in 2020, and 41% in 2019. However, the average target year set by member companies for achieving 100% renewable energy has been pushed back from 2030 to 2031, driven by a growing energy crisis and ongoing barriers to renewable energy procurement. 14 companies (out of the 334 RE100 members that reported) did bring their target years forward, by an average of 12 years. Together, reporting companies consumed 376 TWh of energy (1.5% of global total), of which 184 TWh was reported to be renewable (and 157 TWh of that was verified). The report also notes several policy prescriptions to facilitate accelerated purchasing of renewables by corporate buyers, including removing regulatory barriers; leveling the playing field between renewables and fossil-fuel electricity; promoting direct investments in renewables; and creating a market structure that allows for direct trade between corporations and electricity suppliers. (Feb 2023)

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In 2022, wind and solar generated a record 22% of EU electricity, overtaking fossil gas (20%) for the first time, according to the European Electricity Review 2023. A 1-in-500 year drought across Europe led to the lowest level of hydroelectric generation since 2000. Combined with nuclear outages in France and reactor closings in Germany, these led to a 185 TWh (terawatt-hours) gap in generation (7% of Europe’s total demand). Five-sixths of this was made up by wind and solar (which grew by 39 TWh in 2022) and reductions in demand (which fell 8% in Q4). Coal (growing 1.5% to 16%) and gas made up the other one fifth of the gap. In 2023, fossil fuel use is expected to experience a significant decline (as much as 20% according to the review), as new solar and wind come online, nuclear and hydro rebound, and as demand continues to fall. (Feb 2023)

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2023 Energy Transition Investment Trends (BloombergNEF) — Global investment in the low-carbon energy transition reached $1.1 trillion in 2022, a new record, up 31% over 2021. In 2022, for the first time, investments in low-carbon technologies reached the same level as capital deployed in support of the fossil fuel supply. Almost every sector covered in the report reached record levels of investment in 2022, including renewable energy ($495 billion), electrified transport ($466 billion), energy storage, electrified heat, carbon capture and storage, hydrogen, and sustainable materials. Only nuclear didn’t, with investments remaining flat. China was recipient of nearly half of total investments ($546 billion), with EU countries receiving $180 billion of investments and the U.S. $141 billion. In addition, another $119 billion of equity finance was raised by companies in the climate tech space, either from public markets or private investors. This is down 29% from 2021. (Jan 2023)

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U.S. power generation from new renewables capacity (mostly wind and solar) will reduce generation from both coal and natural gas fired power plants in 2023 and 2024, according to the U.S. Energy Information Administration (EIA). EIA forecasts that solar will increase from 3% of capacity last year to 5% in 2023 and 6% in 2024 and that wind capacity will remain similar to 2022 at 11% before increasing to 12% in 2024. Natural gas will fall from 39% in 2022 to 38% in 2023 and 37% in 2204. Coal generation will fall from 20% in 2022 to 18% this year. (Jan 2023)

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Renewables 2022 (International Energy Agency) — Global renewable energy capacity is set to almost double in the next five years, overtaking coal as the largest source of electricity generation. This is a growth of almost 2,400 GW, equal to the entire installed power capacity of China today, and will make up more than 90% of all electricity expansion over the next five years. This increase is 30% higher than the amount of growth forecast last year, driven by government policy shifts and the war in Ukraine. By 2027, solar photovoltaic capacity is set to triple, wind capacity to double, and biofuels demand to increase by 22%. (Dec 2022)

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Global investments in energy efficiency, such as building renovations, public transport and electric car infrastructure, reached $560 billion in 2022, an increase of 16% over 2021, according to the IEA’s latest market report, Energy Efficiency 2022. Preliminary data indicate that in 2022 the global economy used energy 2% more efficiently than it did in 2021, a rate of improvement almost double the rate of the past five years. However, efficiency improvements will need to average about 4% per year this decade to align with IEA’s Net Zero Emission by 2050 Scenario. (Dec 2022)

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U.S. battery storage capacity is expected to triple by 2025 according to the U.S. Energy Information Administration (EIA). In 2022, utility-scale battery storage had grown to 7.8 GW (up from negligible amounts prior to 2020). The EIA, through its surveys of power plant developers and owners, expects another 20.8 GW to be added from 2023 to 2025, with 75% of that new capacity being developed in Texas and California. (Dec 2022)

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62% ($103 billion) of oil and gas company investments in 2021 and the first quarter of 2022 were inconsistent with a Paris-aligned pathway (IEA’s 1.7°C Announced Pledges Scenario), according to a new report by Carbon Tracker. $58 billion of this was outside even a 2.5°C outcome, meaning these investments will likely only be economic if oil and gas demand grows to the point where it pushes global temperatures beyond 2.5°C. (Dec 2022)

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U.S. companies now account for 14% of all installed solar capacity in the U.S., according to the new Solar Means Business 2022 report. Through June, U.S. businesses installed nearly 19 GW of on-site and off-site solar capacity, double the 9.4 GW installed through 2019. CEF member Meta has the largest corporate solar portfolio in the U.S., growing from 177 MW in early 2019 to 3.6 GW in 2022. CEF members Amazon, Apple, and Microsoft had the second, third and fifth largest installed capacities. (Dec 2022)

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Clean power installations in the third quarter of 2022 were down 22% compared to 2021 Q3, and the lowest levels the industry has seen since 2019 Q3. Developers brought 3.4 GW of new capacity online, bringing the 2022 total so far to 14.2 GW. Difficulty sourcing solar panels and supply chain constraints have proved to be major barriers for projects. Power Purchase Agreements (PPA) also slowed this quarter, with 7.2 GW of new PPAs announced in Q3, down 31% compared to 2021 Q3. (Nov 2022)

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World Energy Outlook 2022 (International Energy Agency (IEA)) — Projects that worldwide demand for every type of fossil fuel will peak within this decade under countries’ existing energy and climate policies. While in the short term, the Ukraine war has led to record gas and coal prices, this has increased the cost-competitiveness of renewables and the creation of low-carbon energy and energy efficiency policies. Global investment in clean energy is now expected to rise from $1.3 trillion in 2022 to more than $2 trillion annually by 2030. As Axios reports, the production of key minerals to make the clean energy transition will need to grow significantly, with 16 million metric tons of minerals (MMT) needed by 2030 for current policies, 20 MMT for announced pledges, and 31 MMT under a net-zero pathway. However, as the report notes, “developing new deposits of critical minerals has historically taken over 16 years on average.” (Oct 2022)

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Clean Hydrogen’s Place in the Energy Transition (Carbon Tracker) — The war in Ukraine spurred $73 billion in new investment commitments in green hydrogen and has increased the cost of fossil fuel-produced hydrogen (blue and grey) by 70% above pre-war levels as natural gas prices have soared, according to a new report by Carbon Tracker. This could lead to the stranding of $100 billion of blue and grey hydrogen assets by 2030, particularly in Europe and Asia. The report argues that rapid capital investment in green hydrogen in the short-term could see its cost fall under $2/kg, making it one of the cheapest forms of energy. However, there are still significant inefficiencies and freshwater reliance in green hydrogen production that need to be addressed. (Oct 2022)

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CO2 emissions from fossil fuels is projected to rise by just under 1% this year, down from last year’s growth of 6%, according to a new estimate by the International Energy Agency (IEA). This is an increase of 300 million metric tons over 2021 for a total of 33.8 billion metric tons in 2022. The IEA attributes this slowing of emissions growth to record deployment of renewables and electric vehicles. (Oct 2022)

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Global energy storage installations are projected to reach a cumulative 411 gigawatts (or 1,194 gigawatt hours) by the end of 2030, according to research by BloombergNEF — 15 times the storage online at the end of 2021. This is an increase of 13% more than previously estimated, driven primarily by recent policy developments. 61% of energy storage built by 2030 will provide energy shifting, to advance or delay the dispatch of electricity. (Oct 2022)

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Global Hydrogen Flows: Hydrogen Trade as a Key Enabler for Efficient Decarbonization (Hydrogen Council and McKinsey) — More than 60% of the 660 million metric tons (MMT) of hydrogen and hydrogen derivatives needed for carbon neutrality by 2050 will be transported over long distances, with almost half of that (190 MMT) crossing international borders. Of the 400 MMT transported, 230 MMT will be pure hydrogen, and 170 MMT in the form of derivatives including synthetic fuels, ammonia, and sponge iron. The study also identifies more than 40 prospective trade routes for hydrogen with the capacity to transport more than one million tons per year by ship or pipeline and estimates that trade can lower the cost of the hydrogen supply by 25%, or as much as $6 trillion from now until 2050. (Oct 2022)

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Together, global wind and solar projects met more than 10% of global electricity demand for the first time in 2021, according to BloombergNEF’s annual Power Transition Trends report. Nearly 3,000 terawatt hours of renewable electricity were produced, accounting for 10.5% of total generation. Wind grew to 6.8% and solar to 3.7% of the total, up from less than 1% a decade ago. Hydro and nuclear met another 25% of the world’s electricity. (Sept 2022)

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A new Ceres report, Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States, analyzed air emissions in the U.S. in 2021 and found (Sept 2022):

• CO2 emissions from the U.S. power sector increased 7% over 2020 (after the industry dropped a record 10% in 2020);
• CO2 emissions from the power generation were still about 34% lower in 2021 than their 2007 peak;
• Power plant SO2 and NOX emissions were 94% and 88% lower, respectively, in 2021 than in 1990 when Clean Air Act amendments were passed, though SO2 did increase 12% over 2020;
• Power plant mercury air emissions have decreased 93% since 2000;
• Coal, which made up 22% of electricity generation in 2021, grew 16% over 2020;
• Zero-carbon generation, including renewables, hydro and nuclear power, reached a record 40% of all U.S. power.

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The IEA released a first ever assessment of energy jobs worldwide, finding that employment in the sector has risen above pre-pandemic levels to over 65 million people or 2% of the total work force. This growth has been driven by hiring in clean energy, which now makes up more than 50% of total energy sector employment. Low-carbon power generation (mainly solar and wind) now employs 7.8 million, on par with oil supply. In all scenarios, IEA projects energy sector employment to grow, even as fossil fuel jobs decline. In IEA’s Net Zero Emissions by 2050 scenario, IEA expects 14 million new clean energy jobs will be created by 2030 while another 16 million workers shift to new roles related to clean energy. (Sept 2022)

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A new quarterly Solar Market Insight report by SEIA/Wood Mackenzie Power & Renewables found (Sept 2022):

• In the second quarter of 2022, the US installed 4.6 GW of solar capacity, down 12% from the first quarter;
• Solar accounted for 39% of all new electricity-generating capacity in the first half of 2022;
• Residential installations hit a record 1.36 GW in Q2, 37% higher than Q2 2021;
• With the passage of the Inflation Reduction Act (IRA), Wood Mackenzie expects total solar deployment to increase by 62 GW (40%) from 2023-2027.
• Due to supply chain constraints, total deployment of solar in 2022 have remained relatively constant. Supply constraints are expected to affect the solar industry in 2023 as well, delaying the benefits of the IRA “until at least 2024.”

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Private enterprises and public institutions announced 14.8 gigawatts of new power-purchase agreements with clean-energy facilities in the first seven months of 2022, 24% below 2021 levels through July, according to a report by BloombergNEF (BNEF). The last year there was an annual decline was 2016. Europe’s energy crisis and supply-chain bottlenecks have contributed to a sharp slowdown in the amount of solar and wind power that corporations have agreed to buy worldwide, according to BNEF. (Sept 2022)

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The U.S. Department of Energy released three reports showing that wind power continues to be one of the fastest growing energy sources and creator of “high-quality jobs” in the United States. Highlights include (Aug 2022):

• Wind energy accounted for 32% of new capacity in 2021, and now employs 120,000 Americans, and provides enough energy to power 40 million homes.
• The 2022 Land-Based Wind Market Report detailed the 13,413 MW of new utility-scale wind capacity added, representing $20 billion in investment.
• The 2022 Offshore Wind Market Report found that offshore wind energy projects being developed and currently operated increased 14% over 2021 to 40,083 MW. The 2022 Distributed Wind Market Report found that 1,751 distributed wind turbines were added across 15 states in 2021, representing 11.7 MW and $41 million in new investment and bringing the total distributed wind capacity to 1,075 MW.

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Global investment in renewable energy hit a new record of $226 billion in the first half of 2022, an 11% increase compared to the same period in 2021, according to BloombergNEF’s Renewable Energy Investment Tracker 2H 2022. Solar project investments increased 33% to $120 billion and wind project investments increased 16% to $84 billion. These trends reveal increased demand for renewable energy investments, driven particularly by high energy prices, even as the industry experiences rising materials and financing costs, and supply chain disruptions. (Aug 2022)

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US electricity consumption is forecast to reach a record high of 4,027 kilowatt-hours (kWh) in 2022, up 2.5% from 2021, according to the U.S. Energy Information Administration’s (EIA) August 2022 Short-Term Energy Outlook. This is due to both increased economic activity as well as the hot summer weather experienced throughout much of the country. Of this, the percentage of electricity generated from natural gas stayed at 37%. Coal and nuclear each dropped one percent to 22% and 19% respectively. Renewables increased 2% to 22%. EIA projects that utility-scale solar capacity will increase by 20 gigawatts (GW) in 2022 and 24 GW in 2023, providing an additional 31 billion kWh of electric power generation in 2022 and 41 billion in 2023. (Aug 2022)

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The clean power industry saw a year-over-year Q2 decline of 55% in project installations, making last quarter's numbers the lowest in almost 3 years according to the American Clean Power Association (ACPA). Solar installations were down 53% and onshore wind installations were down 78%, which ACPA attributes to a combination of increased commodity costs, actual and feared supply chain disruptions, and uncertainty over whether Congress will extend key incentives. Energy storage, by contrast, saw a 13% increase in installations for the same period. And new clean power purchase agreements grew 35%, with CEF members Amazon and Microsoft the largest corporate purchasers. (Aug 2021)

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Electricity Market Report – July 2022 (International Energy Agency (IEA)) — Presents current trends and IEA's latest forecasts for global electricity demand, supply, and emissions through 2023, with a special focus on ramifications of the Russia--Ukraine war. Key findings include (July 2022):

• Carbon emissions from electricity generation are expected to fall by only about 1% in both 2022 and 2023, a result of a 2.4% increase in overall demand paired with resurgent fossil fuel use—particularly coal in Europe—to make up for the loss of Russian natural gas in the short term.
• The slowdown in energy demand from 6% growth in 2021 to a projected 2.4% in 2022 stems from an overall global economic slowdown and dramatically increased fossil fuel cost due in large part to the Russia–Ukraine war—factors that are the main uncertainties for 2023 forecasts as well.
• Year-over-year growth in renewable power is projected to reach 10% in 2022and low-carbon generation as a whole is set to increase 7%, driving a 1% decline fossil fuel generated power.
• Europe is poised to begin implementing the European Commission’s REPowerEU plan to double the share of renewables in the EU energy consumption mix by 2030(2020 baseline) and decrease its reliance on Russian fuel.

Renewable Energy Country Attractiveness Index (RECAI): 59th Edition (Ernst & Young) — Ranks the top 40 markets on the attractiveness of their renewable energy investments and deployment opportunities and provides analysis on issues influencing investment in renewables. Highlights include (May 2022): 

• The U.S. and China maintained their top spots in the index, ranking No. 1 and No. 2, respectively. Austria and Finland made the biggest jumps, each rising seven spots to No. 6 and No. 24, respectively.
• Latin America has extensive renewables potential; however, political uncertainty, aging infrastructure, and financing issues could impede growth in the region.
• Emerging technologies and green fuels will be key to reducing the world’s reliance on gas. In particular, green hydrogen is expected to be a key substitute for natural gas in the coming years. 
• Floating offshore wind is likely to make up 2% of global energy production by 2050, according to EY estimates. Almost 100 floating wind energy projects, with a combined capacity of more than 26,000MW, are in the early planning stages. 
• Floating solar power could be a key source of carbon-free energy in smaller countries with little available land. 

The International Energy Agency’s (IEA) latest Renewable Energy Market Update highlights 2021’s record growth in new capacity for generating electricity from solar, wind and other renewables, driven by the global energy crisis and strong policy support in China, the EU, and Latin America. Key findings from the report include (May 2022):

• In 2022, additions to global renewable capacity are predicted to rise to 320 gigawatts, with 60% of global renewable power growth expected from solar, followed by wind and hydropower. However, growth is expected to plateau in 2023 as continued progress for solar is offset by a 40% decline in hydropower expansion and little change in wind additions.
• Projected growth would be faster absent the supply chain challenges, construction delays, and raw material price increases of 2021.
• Renewables remain competitive because prices for natural gas and other fossil fuel alternatives have risen much faster. Meanwhile, demand for biofuel, which hit a low during the pandemic, recovered in 2021 to near 2019 levels.

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The World Meteorological Organization (WMO) Global Annual-to-Decadal Climate Update released new climate projections, based on rigorous computer modeling, for the five-year period between 2022 and 2026. The data suggests a 50% chance that, during that timeframe, a single-year global average surface temperature will exceed 1.5°C above the preindustrial average for the first time. It also indicates a 93% likelihood that one of those years will be the warmest on record. While the research does not suggest that the temperature rise will be long-term, it does increase the odds “that we are edging ever closer to a situation where 1.5°C could be exceeded for an extended period." (May 2022)

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The World Bank reports that stark regional differences in the curtailing of natural gas flaring at oil production sites have resulted in a net plateau in global reductions over the past decade. That’s a large, missed opportunity with respect to 1.5C alignment, as the amount of waste gas flared each year is more than the entire EU’s natural gas imports from Russia. Critically, the highly inefficient process of flaring releases large amounts of uncombusted methane—an estimated 39 million tons of it in 2021—which has 25 times the potential of CO2 to trap heat in the atmosphere. The report argues that the technology is available to capture and utilize those waste gases more efficiently and lower the carbon intensity of the current global is energy mix. What’s needed is improved regulation and infrastructure, more development of markets for waste gases. (May 2022)

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Record Amounts of Zero-carbon Electricity Generation and Storage Now Seeking Grid Interconnection (Lawrence Berkeley National Laboratory) — Finds “ïnterconnection queues,” meaning the waiting time for new power and energy storage projects to connect to the U.S. grid, are at an all-time high. The research also highlights ​“massive institutional and structural barriers” that are slowing down and prohibiting a lot of new clean energy capacity from coming online. The annual survey of the country’s seven transmission grid operators and 35 major utilities covers 85 percent of U.S. electricity load. (April 2022)

China is projected to add a record 75-90 gigawatts of solar power capacity this year and could add an average of 83-99 gigawatts annually from 2022-2025, according to the China Photovoltaic Industry Association. (Feb 2022)

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$91 billion will be invested in the global nuclear sector by the end of 2023 (up from $44 billion in 2021), according to Rystad Energy. 52 reactors that will deliver 54 gigawatts of new installed capacity are currently under construction in 19 countries worldwide. (Jan 2022)

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INTERCONTINENTAL EXCHANGE (ICE) — The financial technology and data services company that operates exchanges including the NYSE announced that a record 18 billion tons of carbon allowances were traded last year—equivalent to an estimated $1 trillion in notional value and over half of estimated annual energy-related emissions worldwide. A record 19 million environmental futures and options contracts were also traded. On January 18, ICE plans to launch six new US renewable energy certificate (REC) futures based on solar and wind energy.

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Under current emission-reduction targets, the emissions that the U.S., China, the EU, India, and Russia will emit from 1991-2030 are projected to double the number of countries that will experience extreme hot years “every second year by 2030”—from 46% of all countries to 92%, according to a new paper by scientists at ETH Zurich and Climate Analytics. (Jan 2022)
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List of Market Indicators & Trends: Energy & Carbon, 2021 - 2019 (PDF)

Energy Management

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Energy efficiency: Net zero’s invisible ally (Climate Group) — Tracks energy efficiency progress of Climate Group’s EP100 members. Key findings (March 2024):

• To date, the 127 EP100 members have reduced their emissions by 395 million metric tons of CO2 equivalent, including 54.4 million tons in 2023.
• Members have reported cost savings of $1.6 billion since the implementation of energy efficiency measures, with $290 million in savings in 2023.
• Members had an average annual improvement in energy productivity of 6%, with 78% of members set to meet their energy productivity goal before their target date.
• Three EP100 members, including CEF member Schneider Electric, hit their energy efficiency targets in 2023.

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Energy Transition Academy: Targeted Learning (RMI and National Renewable Energy Laboratory (NREL)) — Provides two new tools to help advance renewable energy development. These include training on how to use NREL’s System Advisor Model (SAM is a computer model to calculate performance and financial metrics of renewable energy projects), and a how-to guide on operating and maintaining battery energy storage systems. (Feb 2024)

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GETting Interconnected in PJM (RMI) — Assesses the potential for grid-enhancing technologies (GETs) to facilitate the cost-effective, timely interconnection of new generation across five states within the PJM transmission region. It finds that GETs (hardware and software solutions deployed within an existing transmission system) would enable the integration of 6.6 GW of new clean energy on the PJM’s grid. By freeing transmission capacity, the 95 GETs projects considered would generate approximately $1 billion in production cost savings per year. The report also finds that GETs are significantly cheaper than the default network upgrades that interconnection customers could face. (Feb 2024)

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Transforming Energy Demand (World Economic Forum) — A set of business actions aimed at reducing the intensity of energy demand could unlock annual savings of at least $2 trillion for the global economy if measures are taken by the end of this decade, according to this new report. It highlights practical actions businesses can take, including: energy efficiency, value chain collaboration, industrial clustering, retrofitting buildings, electrification of transport, and using artificial intelligence to optimize factory line design. These changes, which are cost-efficient and technologically feasible now, could reduce energy intensity by 31% across all economic sectors. (Jan 2024)

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Global Cooling Watch 2023: Keeping it chill (United Nations Environment Programme (UNEP)) — Installed capacity of cooling equipment is projected to triple by 2050, driven by income and population growth, and resulting in a more than doubling of electricity consumption for cooling. However, key measures could slow power growth, and cut predicted emissions by 60-96%. This could also reduce pressure on power grids, and save end-users $1 trillion and the power sector up to $5 trillion annually. The report outlines key actions to take in (Dec 2023):

• Passive cooling strategies, such as insulation, natural shading, and ventilation.
• Higher energy efficiency standards and better labelling of all cooling equipment.
• A faster phase down of climate-warming hydrofluorocarbon (HFC) refrigerants.
• Using financial tools to realize the life-cycle cost savings of $22 trillion, and make sustainable cooling affordable, such as on-bill financing, green mortgages, and public/private investments.

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The Case for Industrial Energy Efficiency (Energy Efficiency Movement) — Estimates that if applied across industry, ten simple measures could save almost 2 million metric tons of carbon emissions a year by 2025 and about 4 million metric tons by 2030 (a reduction of 11% of global emissions in 2030). This could save an estimated $437 billion by 2030. The ten measures are divided into three pillars including (Oct 2023):

1. Build an efficiency foundation by auditing operations for energy efficiency; right-sizing industrial assets and processes; and bringing connectivity to physical assets;
2. Drive efficiency returns through installing high-efficiency motors; using variable speed drives; electrifying industrial vehicle fleets; maintaining efficient heat exchangers; and switching to heat pumps;
3. Gain efficiency insights by deploying smart building management systems and making data management more efficient by using cloud technologies.

PR »  REUTERS »

The international business group, the Corporate Leaders Network for Climate Action, published a briefing that highlights the vital role renewable electricity storage solutions (ESSs) play in unlocking clean energy’s full potential. The report gathers insights from across many regions and investigates ESS technologies including hydropower, liquid air storage, utility-scale batteries and thermal energy storage. It offers five key recommendations for businesses and policymakers, including tailoring ESSs to country contexts, increasing regulatory certainty; cultivating a supportive financial environment; and creating regional power pools to increase variety of renewable energy resources and reduce the need for ESSs. (May 2023)

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Climate Intelligence — Ecolab and Siemens launched this new tool that lets utilities and industrial businesses virtually model different scenarios across their water and energy systems to identify opportunities to conserve water and power while also lowering their greenhouse gas emissions. Combining modeling with plant data, the tool has reduced average plant CO2 emissions by tens of thousands of metric tons per year, while reducing energy costs, without additional capital expenditure. (Oct 2022)

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UNILEVER — Will launch pilots in Germany and Indonesia to determine whether the temperature of retail-sales freezer cabinets for its ice cream products can increase from the current industry standard 18°C (-.4°F) to 12°C (10.5°F) without a loss of product performance. Doing so would lower energy usage and emissions associated with freezing by 20–30%. If the pilots are successful, the company will then experiment with a similar temperature increase in last mile freezers in its delivery operations, starting in markets where those carbon footprints are the highest. (May 2022)

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Google Nest, Resideo, and distributed energy resource (DER) software company Voltus are teaming up to help electricity providers harness the grid-stabilizing potential of residential smart thermostats. They have created a program, in partnership with PJM Interconnection—the largest electric grid operator in the United States—that offers customers incentives to grant permission for grid operators to remotely control their HVAC usage during peak times. (April 2022)

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"Granular Certificate Scheme Standard” and “Granular Certificate Use Case Guidelines” (EnergyTag Initiative) — The first-ever proposed international standard and guidelines for how to track and confirm hour-by-hour (24/7) carbon-free energy credits using “granular energy certificates,” a form of energy attribute documentation with a timestamp of when the energy is produced. “Consumers can then use [the] instrument to say where their energy came from in a specific hour or half-hour period,” according to EnergyTag founder Toby Ferenczi. (April 2022)
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Accenture, Duke Energy, and Microsoft are partnering to create a new platform that provides near-real-time data on methane emissions from Duke Energy’s natural gas distribution systems. The platform will be hosted on Microsoft Azure, and Accenture—in collaboration with Avande, its joint venture with Microsoft—will apply its AI, analytics, and cloud computing expertise. Platform implementation is expected by October. (Aug 2021)
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ENEL — Launched its “Flexibility Lab” initiative to enable advanced testing of flexible energy distribution solutions for improved electricity networks. The initiative consists of 4 decentralized test centers in Italy and Spain capable of replicating real and complex operating conditions of electrical networks while maintaining “technological neutrality.” (May 2021)
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Energytag and Granular Energy Certificates: Accelerating the Transition To 24/7 Clean Power (Energy Tag) — Describes how the world’s largest energy consumers and producers can use hourly energy certificates to maximize clean energy 24/7.Summarizes the history of existing energy attribute certificates (EACs) and accounting frameworks, the starting principles behind the EnergyTag Initiative, and the first EnergyTag demonstrator projects. (May 2021)

Utility Transition Hub (RMI) — A web-based tool to help utility-sector stakeholders chart a path toward an equitable and affordable transition away from fossil fuels for regulated utilities. Tracks outcomes—including emissions, plant retirements, and additions—investments and other forces driving future emissions. (May 2021)

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A Circular Economy for Solar Photovoltaic System Materials (National Renewable Energy Laboratory) — Analyzes drivers, barriers, and enablers to a circular economy for PV system materials in the U.S., including state policies and initiatives expressly addressing reuse, recycling, and disposal of PV system equipment. It provides case studies of US business models for the repair, reuse, recycling of PV modules, and balance of solar (BOS) equipment. (April 2021) 

Beyond 1000+ Solutions Guide: Beta Version (Solar Impulse Foundation) — A database of currently available climate technology solutions, searchable by geography, industry, financial, and environmental impact. Listed solutions were assessed by a team of 400 independent industry experts and demonstrate either energy conservation or efficiency benefits with profitability potential. A beta version of the guide is available; the full launch planned in November for COP26. (April 2021)

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The Design Space for Long-duration Energy Storage in Decarbonized Power Systems (Nature Energy) —Identifies the cost and efficiency performance necessary for LDES to substantially reduce electricity costs and displace low-carbon generation. Finds LDES energy capacity cost must fall below $10/kWh to replace nuclear power and in order to replace all firm power options entirely, the cost must fall below $1/kWh. (April 2021)

GOOGLE — Piloting a new approach to certify and match clean energy with its data centers on an hourly basis: “Time-based Energy Attribute Certificates (T-EACs).” (March 2021)

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“Modeling A Clean Energy Future For The United States” (Breakthrough Energy Sciences) finds the U.S. could reduce its emissions by 42% and achieve 70% carbon-free electricity by 2030 with electricity grid investments totaling $1.5 trillion. Researchers of the Bill Gates-founded organization make a case for modernizing how clean energy is nationally distributed. (March 2021)

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“Unlocking the Queue with Grid-Enhancing Technologies” (Brattle) analyzes how much additional renewable energy can be added to the national electricity grid with Grid-Enhancing Technologies (GETs). The researchers suggest that GETs could (March 2021):

• Double the amount of renewables that can be integrated into the electricity grid prior to building new large-scale transmission lines
• Avoid 90 million tons of carbon emissions per year
• Save $5 billion in yearly energy production costs, with upfront investment paid back in 6 months
• Create 330,000 local construction jobs and 20,000 high-paying operations jobs 

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“Electrifying U.S. Industry: A Technology and Process-Based Approach to Decarbonization” (Global Efficiency Intelligence, Renewable Thermal Collaborative, David Gardiner and Associates) analyzes the current state of industrial electrification needs, the technologies available, and the potential for electrification in 13 industrial sub-sectors, including crude soybean oil, paper products, and container glass. (January 2021)

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A Users Guide to Comprehensive Energy Management (GreenBiz Group & Siemens Building Technologies, 2018) outlines recommendations to advance comprehensive energy management and accelerate investment in a clean energy future.

Renewable Energy

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System-level impacts of voluntary carbon-free electricity procurement strategies (Joule) — Assesses the system-level impacts of carbon-free electricity (CFE) procurement in the western U.S. While CFE procurement matched annually has “minimal impact on long-run system-level CO2 emissions,” matching demand on an hourly basis with CFE generation (temporal matching) can drive significant reductions in CO2 emissions while incentivizing clean firm generation and long-duration storage technologies (as well as increasing procurement costs). (Feb 2024)

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Building Trust through an Equitable and Inclusive Energy Transition (World Economic Forum (WEF)) — Outlines a framework to guide policymakers and energy sector leaders towards a just, equitable, and inclusive energy transition, particularly in developing economies, which account for less than one-fifth of global clean energy investments. Its findings make clear that failure to do so could severely delay the transition. The report also includes 10 unresolved questions that need to be addressed to achieve a just transition, such as how to ensure affordable energy access for all and how to fairly distribute opportunities and costs of the transition (see p. 15). (Jan 2024)

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Geothermal Exploration Opportunities Map (GeoMap Beta) (Project InnerSpace and Google) — This tool uses surface and subsurface data to reveal untapped geothermal potential in regions where new clean energy sources are needed. The beta version released at COP28 features the African continent as its first case study, with increasing resolution for Nigeria and Lagos. Additional continents and high resolution case studies will be released over the next 12-24 months. (Dec 2023)

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Renewable Power Generation Costs in 2022 (International Renewable Energy Agency (IRENA)) — In 2022, the global weighted average levelized cost of electricity (LCOE) from newly commissioned utility-scale solar photovoltaics (PV), onshore wind, concentrating solar power (CSP), bioenergy and geothermal energy all fell, despite rising materials and equipment costs. In 2010, the global weighted average LCOE of onshore wind was 95% higher than the cheapest fossil fuel-fired cost; in 2022, the global weighted average LCOE of new onshore wind projects was 52% lower than the cheapest fossil fuel-fired solutions. For solar, the LCOE was 710% more expensive than the cheapest fossil-fuel fired solution in 2010 but cost 29% less than the cheapest fossil-fuel fired solution in 2022. Offshore wind and concentrating solar power were still more expensive than the cheapest fossil-fuel fired solution in 2022 (71% and 17% respectively). In 2022, the renewable power deployed globally since 2000 saved an estimated $521 billion in fuel costs in the electricity sector. (Sept 2023)

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Renewable Energy Materials Properties Database (REMPD) (U.S. Department of Energy (DOE)) — The DOE released a first-of-its-kind database that catalogs specific materials, such as minerals and other basic components, used to build wind turbines and solar panels. The database also includes information about the availability, country of origin, physical properties, and significant uses of materials that make up wind and solar facilities. Along with the database, researchers at DOE’s National Renewable Energy Laboratory (NREL) released a report to help developers, utilities, and other stakeholders understand how current and future wind energy development might affect global material supply and demand. This contains analysis to support both a Current Policies scenario (incorporating the Inflation Reduction Act) as well as a High Deployment scenario consistent with a net-zero economy by 2050. (Aug 2023)

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Power with Purpose: Driving Change Through Clean Energy Procurement (Rivian and The Nature Conservancy) — Describes the partnership between electric vehicle manufacturer Rivian and The Nature Conservancy to develop open-source guidance for companies to meet renewable energy needs while supporting 3C (climate, conservation, and community) goals. The case study shares the lessons learned and best practices for applying this 3C framework based on a national procurement process, refined over the course of two solicitation cycles that covered over 100 offers and 14 GW of offered capacity. It provides a market-tested open-source toolkit, including sample Request for Proposals (RFP) content, a complete Offer Form and scoring template, assessment guidance, and other recommendations to help companies adopt purpose-driven clean energy projects. (May 2023)

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Real Reliability: The Value of Virtual Power (The Brattle Group) — Models the potential of Virtual Power Plants (VPPs) to provide power system resource adequacy in the U.S. in 2030. (VPPs are portfolios of actively controlled distributed energy resources.) The report finds that a 60 GW VPP, using commercially available residential load flexibility technologies, could meet future resource adequacy needs at a net cost that is $15-35 billion lower than alternative options (e.g. gas-fired generators or battery storage) over a 10-year period. Factoring in additional societal benefits (e.g. lower emissions and increased resilience) a 60 GW VPP could provide an additional $20 billion in value over 10-years. (May 2023)

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The Global Electronics Council (GEC) announced the addition of criteria within its EPEAT ecolabel system focused on decarbonizing the supply chain for solar panel production. These criteria are the first by a global ecolabel to set thresholds on the embodied carbon in photovoltaics (PV) and will be a requirement for achieving the EPEAT ecolabel designation for PV modules. This label will help address Scope 3 emissions for purchasers of solar panels or electricity from solar installations. (March 2023)

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Pathways to Commercial Liftoff (U.S. Department of Energy (DOE)) — The DOE released a set of reports that represent a new department-wide initiative to strengthen engagement between the public and private sectors to accelerate the commercialization and deployment of key clean energy technologies. The reports provide the private sector and other industry partners a valuable, engagement-driven resource on how and when three technologies can reach full scale deployment. Reports and takeaways include (March 2023):

• Clean Hydrogen: While poised for full-scale commercialization, infrastructure buildout, demand uncertainty, workforce development, and other challenges to at-scale adoption need to be addressed for clean hydrogen to realize its full potential;
• Advanced Nuclear: Can complement renewable energy buildout, however, the report identifies several obstacles, including increasing deployment of mature technologies and building efficient and timely delivery models;
• Long Duration Energy Storage: Has significant potential to improve grid resilience and energy security, however, needs technological progress and increases in public and private investment.

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Improving Procurement for Clean Energy PPAs (Google and LevelTen Energy) — Established a new standardized approach that reduces the time to negotiate and execute a clean energy purchase power agreement (PPA) by “roughly 80%.” Most PPA negotiations are long, slowed by limited personnel or time and thus create barriers for clean energy development. This scalable approach improves both the PPA contract, balancing risks between buyer and seller, and the Request for Proposal (RFP) process, allowing sellers to customize risk offsets, verify how their offers are evaluated, and create pricing based on final contractual details. While currently only available to sellers negotiating with Google, this approach will be made available to buyers and sellers later this year. (March 2023)

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A Guide to 1.5°C-aligned Hydrogen Investments (World Business Council for Sustainable Development (WBCSD)) — Provides a framework for investments in different hydrogen production technologies to ensure their lifecycle emissions are aligned with the overall objective of limiting global temperature rise to 1.5°C. It details three criteria companies can use to best determine what projects to invest in: decarbonization of lifecycle emissions associated with hydrogen; using hydrogen to decarbonize sectors where alternatives are not available or are less efficient; and no reliance on new fossil fuel exploration or fossil fuel subsidies. The guide also illustrates how various hydrogen production and distribution pathways can implement carbon-intensity reduction measures to such a degree that they will eventually reach a net-zero state in 2050, whether at a project, portfolio, or company level. (Feb 2023)

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EATON / BNP Paribas Leasing Solutions — Power management company Eaton and BNP Paribas Leasing Solutions are launching a new finance solution for businesses and building owners to accelerate their energy transition while preserving cashflow. The solution offers a fixed payment to finance renewables, energy storage, and EV charging infrastructure, along with providing access to Eaton’s global service network. (Jan 2023)

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World Resources Institute, the International Solar Alliance, and Bloomberg Philanthropies launched a new roadmap to help meet the need for a massive and more equitable scale-up of investment in solar energy. The roadmap provides recommendations for mobilizing $1 trillion of investment in solar energy solutions by 2030, tackling policy and market barriers in all solar market segments, reducing investment risk in developing and emerging economies, and spurring a new level of international collaboration to overcome global investment challenges at scale. The report examines opportunities to mobilize investment in four market segments: utility-scale solar, off-grid, energy storage, and advanced solar and storage technologies. (Nov 2022)

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System-level impacts of 24/7 carbon-free electricity procurement in Europe (TU Berlin and Google) — Moving from purchasing renewable energy to match annual electricity needs to hourly carbon-free energy targets could reduce company emissions while accelerating grid decarbonization, according to a new study. The study also showed that this shift would not be more expensive for 90-95% of the switch, though technologies like hydrogen would be needed for prolonged periods of low sun and wind. This transition, if pursued, could spur technology innovation, especially in energy storage. (Oct 2022)

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Columbia University’s Center on Global Energy Policy released a new analysis warning of potential climate risks related to hydrogen leakage, a topic that has received little attention among the burgeoning array of hydrogen strategies and roadmaps published by governments around the world as part of their decarbonization plans.  Hydrogen is not a greenhouse gas (GHG), but when it escapes, it can cause other GHGs to persist longer in the atmosphere. The authors predict that in the future, leaked hydrogen will likely be concentrated in a few key processes (e.g., green hydrogen production, delivery, road transport, and chemical production), and therefore call for improvements in measurement, research into methods of preventing leaks, and new regulations. (July 2022)

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Renewable energy certificates threaten the integrity of corporate science-based targets (Anders Bjørn, Shannon M. Lloyd, Matthew Brander, H. Damon Matthews) — Asserts that companies’ use of Renewable Energy Credits (RECS) to offset Scope 2 emissions may create a false accounting of their net emissions. The claim is based on recent research that suggests the purchase of RECS is not likely to increase renewable energy production and is therefore devoid of real offset value. With RECS removed from the accounting of the 115 companies studied, their collective Scope 2 reductions drop from 31% to 10%, and about half of the companies fall out of alignment with a 1.5°C scenario. Notably, the Science Based Targets initiative (SBTi) currently allows companies to include RECs in their energy accounting, but the organization is now aware of the problem and exploring options to address it, including possibly updating its Scope 2 target setting criteria. SBTi staff have initiated discussions with the Greenhouse Gas Protocol, which issues guidance to governments and companies on carbon accounting. (June 2022)

List of Renewable Energy Research, 2021-2016 (PDF)

Clean Energy Collaboration

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e-NG Coalition — Eight companies have formed a coalition to promote electric natural gas (e-NG), a synthetic gas produced by combining renewable hydrogen and CO2. The Coalition will be a global platform to raise e-NG awareness, promote its use and trade, foster policy support, and bolster collaboration across the value chain. (March 2024)

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Advanced Clean Electricity RFI — Google, Microsoft, and Nucor announced an effort to work together to develop new business models and aggregate their demand for advanced clean electricity technologies. They aim to accelerate development of first-of-a-kind or early commercial projects, such as advanced nuclear, next generation geothermal, and clean hydrogen. Their first step is issuing a request for information (RFI) in the U.S. for potential projects. There will be informational sessions on the RFI on 26 March at 2pm ET and 3 April at 3pm ET. (March 2024)

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Network to Mobilize Clean Energy Investment for the Global South — Over 20 ministers and CEOs joined this new World Economic Forum network, which will provide a collaborative space for its members to accelerate clean energy capital flows in emerging market contexts. It will explore innovative policies, new business models, de-risking tools and finance mechanisms, and exchange best practices for increasing clean energy capital. The Network also launched a Colombia-focused working group to accelerate investment for Colombia’s energy transition and aims to facilitate “energy finance and investment at the local level.” (Jan 2024)

The Granular Certificate Trading Alliance — This collaboration, led by LevelTen Energy, is developing a first-of-its-kind trading and management platform for “granular certificates” (GCs), a type of energy attribute certificate that verifies the time and location that carbon-free energy (CFE) is generated. The effort will include both a Trading Platform to connect CFE buyers and sellers and a Management Platform to manage GCs before and after trades. Alliance members, including AES, Constellation, and CEF Members Google and Microsoft, intend to be among the first group of users when the solution launches. (Jan 2024)

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Fusion Task Force— The Sustainable Markets Initiative launched the Fusion Task Force, which will engage private sector companies to tackle the barriers to market adoption of fusion energy by 2030, including producing market signals to increase commercialization and scaling the fusion value chain. (Dec 2023)

Clean Energy Procurement Academy — This project aims to equip companies with the technical readiness to explore and adopt clean energy. The Academy will combine online and in-person training and educational resources to help accelerate the integration of clean energy into global supply chains (for example, how to boost supply chain companies’ capacity to invest in renewables). This project was initiated through the Clean Energy Buyers Institute and with support from Google.org, and is co-founded by CEF Members by Amazon, Apple, Meta, PepsiCo, and REI; and by Nike. (Oct 2023)

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The Transatlantic Clean Hydrogen Trade Coalition (H2TC) — This coalition aims to encourage and enable the first shipment of clean hydrogen from the U.S. to Europe by 2026. H2TC will focus on supporting first movers in the U.S. Gulf Coast and Northwestern Europe, with the goal of facilitating trade of more than 3 million metric tons per year of hydrogen in the form of ammonia and methanol through this corridor by 2030. The coalition, consisting of Mission Possible Partnership, RMI, Systemiq, Power2X, and industry partners, is building its membership and has so far been endorsed by over 20 companies, including CEF member NextEra Energy Resources. (October 2023)

Solar developers, conservation and environmental groups, agricultural organizations, and tribal entities announced their agreement to advance large-scale U.S. solar development while championing land conservation and supporting local community interests. Resulting from a 20-month long “Solar Uncommon Dialogue,” this agreement commits signatories to improving large-scale solar development based on reducing carbon emissions, minimizing impacts on natural and working lands, and equitably distributing renewable energy project benefits (climate, conservation, and community). Signatories are now convening six working groups to address issues including siting, community engagement, technologies, information tools, tribal nations, and policy. (October 2023)

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ZEROgrid Initiative — Several companies, including CEF members General Motors, Meta, and Salesforce, are joining RMI to launch the Zero-Emissions | Reliability Optimized Grid Initiative (ZEROgrid), a comprehensive roadmap to accelerate the transition to a zero-emissions grid. ZEROgrid will start by building a holistic framework defining targeted metrics for engagement and impact informed by reliability and emission experts. It then aims to maximize grid reliability and emissions reductions through enabling sustained, high-impact corporate action across clean energy procurement, policy, investment, R&D, and operations. (July 2023)

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Catalyze — CEF member Schneider Electric, along with Intel and Applied Materials, launched Catalyze, a new collaboration to accelerate the adoption of renewable energy across the global semiconductor value chain. The companies will encourage the industry’s thousands of suppliers to join the Catalyze program and decarbonize. Specifically, Catalyze aims to combine energy purchasing power to accelerate deployment; facilitate utility-scale power purchase agreements; increase awareness; and support and educate suppliers in decarbonization efforts. (July 2023)

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Virtual Power Plant Partnership (VP3) — This RMI initiative is working to catalyze industry and transform policy to support scaling virtual power plants (VPPs) in ways that help advance affordable, reliable electric sector decarbonization by overcoming barriers to VPP market growth. VPPs are grid-integrated aggregations of many distributed energy resources, such as EVs, solar PV arrays, battery energy storage systems, and smart thermostats, and can help support cost-effective energy production, emissions reductions, and a more resilient energy grid. VP3 will work to research and communicate VPP benefits, develop industry-wide best practices, standards, and roadmaps, and inform and shape policy development. VP3 founding members include CEF members: Ford, General Motors, and Google Nest (Google). (Jan 2023)

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Global Renewables Alliance — Global industry organizations representing the wind, solar, hydropower, green hydrogen, long-duration energy storage and geothermal energy industries signed an MOU at COP27 to form the Global Renewables Alliance. The alliance is being formed in order to ensure an accelerated energy transition, that targets are met, and that vital coordination and planning takes place. It also aims to position renewable energy as a pillar of sustainable development and economic growth, particularly in the global south. To accelerate this transition, the alliance will pursue collective efforts on advocacy, education, market intelligence and data, and engagement with international energy, economic, and environmental institutions. (Nov 2022)

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Asia Clean Energy Coalition (ACEC) — ACEC aims to drive corporate clean energy procurement in Asia, accelerating its overall demand and supply. ACEC will strategically improve the policy and regulatory environments for clean energy, in both national and regional Asian markets. The coalition seeks to align the world’s leading clean energy buyers, project developers and financiers, to help policymakers, utilities and energy regulators innovate and deploy cost effective clean technologies across the Asia-Pacific region. Founding members include CEF members Amazon, Apple, Cisco, Google, Meta, and Samsung. (Nov 2022)

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Nuclear Hydrogen Initiative (NHI) — A new coalition of 47 companies, NGOs, government agencies, and an academic institution working to produce hydrogen using nuclear energy. NHI’s goal is to “facilitate the development of nuclear hydrogen demonstration projects,” spark financial investment and commercial partnerships, “and advocate for policies that support nuclear hydrogen deployment.” (Aug 2022)

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US Solar Buyer Consortium ("the Consortium") has committed to purchase more than $6 billion of US-made solar panels to catalyze the growth of the US solar supply chain and the broader US solar industry. The Consortium, a partnership comprised of global energy company AES Corporation and US solar companies Clearway Energy Group, Cypress Creek Renewables, and D.E. Shaw Renewable Investments (DESRI), is looking for US manufacturers that can supply quantities of solar modules capable of producing up to 7 gigawatts (GW) per year starting in 2024. AES currently has a solar development pipeline of about 40 GW, with 3.4 GW already in backlog. The Consortium's announcement is in alignment with the Biden administration's stated commitment to strengthen America's energy security by reducing its reliance on foreign supply chains. (June 2022)

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“Building the Clean Hydrogen Economy” consortium — Consulting firm Guidehouse is leading a new consortium of over 20 organizations to launch scalable pilot projects that use clean hydrogen to reduce US energy sector emissions, decarbonize heavy transport, and increase renewables integration. Consortium members, which include CEF member Bank of America, will build private-sector partnerships “and gain commitments for engagement.” Pilots will first be pursued in the southwestern U.S., New York, and the Gulf Coast “to drive an adequate, cost-competitive supply by 2025-2030.” (March 2022)

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List of Clean Energy Collaborations, 2021-2019 (PDF)

Collaboration Initiatives

Several important NGO-private sector collaborative initiatives have formed to identify and tackle key barriers. Notably, World Wildlife Fund (WWF), World Resources Institute (WRI), Business for Social Responsibility (BSR), Rocky Mountain Institute (RMI), Climate Group, and CDP are working to promote collaboration and complementarity among their respective efforts.

Corporate Renewable Energy Buyer’s Principles (WWF/WRI)

The Renewable Energy Buyer’s Principles, in partnership with participating companies, was created to frame the challenges most commonly encountered in corporate renewable energy purchasing. The initiative outlines 6 principles that tell the market what corporates need to increase their access to and use of renewable energy. To implement the Buyers’ Principles, WWF and WRI are working to collaboratively expand renewable energy purchasing options with regulated utilities, where corporate options are most limited. As of publishing, 62 major companies demanding over 45 million megawatt hours of renewable energy to meet their 2020 goals have signed the Buyer’ Principles.   Click here for a list of participating companies.

Business Renewables Center (RMI)

The Business Renewables Center (BRC) was created to accelerate and simplify the adoption of offsite corporate renewable energy purchasing. The BRC’s goal is to help corporations procure 60 gigawatts of renewable energy by 2030 by providing: (1) a communications platform to raise awareness and champion successes and opportunities; (2) a community of leading thinkers and industry practitioners, who actively participate in identifying hurdles and solutions to market growth; and (3) a knowledge base of known obstacles and proven solutions, and software tools to facilitate transactions.   Click here for a list of participating companies.

Future of Internet Power (BSR)

The Future of Internet Power initiative is comprised of technology companies that are interested in advancing low-carbon, sustainable power for data centers. The initiative enables businesses to share best practices, collaborate with select utilities and policymakers, and develop a platform that drives growth in the renewable energy sector.   Click here for a list of participating companies.

Renewable Energy Buyers’ Alliance (BSR, RMI, WRI and WWF)

REBA is led by four non-profit organizations (BSR, RMI, WRI and WWF) to integrate the three initiatives described above. These NGOs bring together their deep expertise in transforming energy markets to work across customers, suppliers, and policymakers to identify barriers to buying clean and renewable energy and then develop solutions that meet rapidly growing corporate demand. Collectively the four REBA partners work with more than 60 iconic, multinational companies that represent enormous demand for renewable power. REBA also coordinates with the RE100 campaign, supporting companies who have signed onto their 100% renewable energy commitment. REBA’s goal is to help corporations purchase 60GW of additional renewable energy in the US by 2025.

RE100 Initiative (The Climate Group with CDP)

The RE100 initiative was created to encourage at least 100 major companies to commit to 100% renewable energy by 2020. The initiative supports companies by helping to identify best practices for RE implementation, financial implications associated with transitions, and risks and rewards of options. Click here for a list of participating companies. 

EPA’s Green Power Partnership Initiative (EPA)

The EPA Green Power Partnership is a platform that provides expert advice, tools, and resources for organizations seeking to diversify their energy mix with ‘green’ power products such as renewable energy credits, green pricing programs, and on-site generation. Click here for a list of participating companies.