A surge in new manufacturing projects for key technologies including solar photovoltaic, batteries and electrolysers is driving global momentum in the world’s clean energy transition, according to a report by the International Energy Agency.
This growth is being driven by policy support and increased investor interest, the IEA said in its State of Clean Technology Manufacturing report on Sunday.
The estimated output by 2030 for renewable energy technologies has risen since late last year, led by 60 per cent for solar PV, 25 per cent for batteries and 20 per cent for electrolysers, it added.
“If we look at the projects that are currently under construction or planned worldwide, China is set to strengthen its leading position in key clean energy technologies,” said Fatih Birol, the IEA’s executive director.
“There is a need for effective international co-operation and further diversification to ensure secure and resilient technology supply chains, meet the world’s climate goals and enable all countries to enjoy the economic benefits of the new global energy economy.”
If all announced projects are built, the manufacturing capacity for the five clean technologies – solar PV, wind, batteries, electrolysers and heat pumps – is projected to reach $790 billion per year by the end of this decade, the IEA said.
This would mean global manufacturing capacity for solar PV would surpass the requirements of the IEA's net-zero emissions by 2050 scenario, while battery manufacturing capacity would meet the 2030 target, the agency said.
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the IEA said in its World Energy Outlook last year.
The IEA expects clean energy investment to rise to slightly more than $2 trillion by 2030.
Announcements for wind, heat pumps, and electrolysers are currently below the levels needed, the agency said.
While not all announced projects may proceed, the short lead times mean there is still scope for 2030 pipelines to “evolve significantly” in the coming years, it said.
Currently, clean energy technology manufacturing capacity is concentrated in a few key markets, comprising 80 per cent to 90 per cent of global capacity.
If all announced projects are realised, the manufacturing share in these markets would change to 70 per cent to 95 per cent by the end of the decade.
“The increased efforts to diversify manufacturing thus far have been supported by major policy announcements in many countries over the last year that are beginning to expand supply chains in different regions,” the IEA said.
The US Inflation Reduction Act, enacted last year, led to a surge in battery manufacturing announcements in late 2022 and early this year, representing almost half of the total project pipeline for the sector in the country, the agency said.
The IRA offers a series of tax incentives on wind, solar, hydropower and other renewables, as well as a push towards electric vehicle ownership.
The IRA will spur about $3 trillion of investment in renewable energy technology, according to Goldman Sachs.
It could double the amount of energy produced by the US shale revolution more than a decade ago, the investment bank said in a report last month.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Read more about the coronavirus
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Dr Graham's three goals
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Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
THREE
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Zayed Sustainability Prize
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
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Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
